6. Harjyot deposited ₹ 27,500 in a deposit scheme paying 12% p.a. compound interest. If the duration of the deposit is 3 years, calculate:(iii) The amount received by him had he chosen the duration of the deposit to be 2 years.
6. Harjyot deposited ₹ 27,500 in a deposit scheme paying 12% p.a. compound interest. If the duration of the deposit is 3 years, calculate:(iii) The amount received by him had he chosen the duration of the deposit to be 2 years.

Solution:-

The amount received by him had he chosen the duration of the deposit to be 2 years, P2 = 34,496