Question

17. Find the sum of money that amounts to 31,740 in 2 years if the interest is compounded
annually at the rate of 15% per annum
​

Answer 1

Answer:

The sum of money is Rs 24000

Step-by-step explanation:

Given:

Amount = 31,740

Time = 2 years

Rate = 15%

To FIND :

Sum of Amount

Solution :

$\mathrm{A = P(1+\frac{R}{100} )^T}$

$\mathrm{31,740 = P(1+\frac{15}{100})^2}$

$\mathrm{31,740 = P(1+\frac{3}{20})^2}$

$\mathrm{31,740 = P(\frac{3}{20})^2}$

$\mathrm{P =\frac{31740\ \times \ 20 \ \times \ 20 }{23\ \times \ 23} }$

$\mathrm{ P= 24000}$

* LEARN MORE *

A bank offers 10% interest rate compounded annually. A person deposits rs. 20,000 every year in his account. If he does not withdraw any money, then what would be the balance in his account after four years?

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