A certain bank offers 7% rate of interest on the 1st year and 8% on the 2nd year in a certain fixed deposit scheme

A certain bank offers 7% rate of interest on the 1st year and 8% on the 2nd year in a certain fixed deposit scheme

A certain bank offers 7% rate of interest on the 1st year and 8% on the 2nd year in a certain fixed deposit scheme (compounded annua). If 17,334are received after investing for 2 years in this scheme, then what was the amount invested?

(a) 15500

(b) 16000

(c) 15000

(d) 16500

Sol:

quantitative aptitude
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