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    A person invested Rs. P in a scheme that offers 19.8% interest, which is compounded annually for two years and two days. If the amount received from t
    Question

    A person invested Rs. P in a scheme that offers 19.8% interest, which is compounded annually for two years and two days. If the amount received from this scheme is reinvested at the same rate for the same period of time in the same scheme, then he will receive Rs. 792 as interest. Find the approximate value of P.

    A.

    2500

    B.

    1250

    C.

    1450

    D.

    1320

    E.

    1000

    Correct option is B

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