Math Problem Statement
Abhishek had 50,000 of savings which he decided to invest in two deposits. The first deposit yielded 10% interest compounded annually while the second deposit yielded 20% interest compounded annually. The difference in interests earned from the two deposits after 2 years is 15500. What is the value of the smaller of the two deposits?
Solution
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Math Problem Analysis
Mathematical Concepts
Algebra
Compound Interest
Linear Equations
Formulas
Compound interest formula: A = P(1 + r/100)^t
Interest calculation: Interest = A - P
Theorems
Compound Interest Theorem
Suitable Grade Level
Grades 10-12
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