8. A certain sum amounts to 2,970.25 in two years at 9% per annum compounded annually. Find the sum.
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Answered by
1
Answer:
Step-by-step explanation:
Attachments:
Answered by
1
Answer:
The sum is Rs.2500
Step-by-step explanation:
Given : A certain sum amounts to rupees 2970.25 in 2 years at 9% per annum compounded annually.
To find : The sum?
Solution :
Principal (P) = ?
Rate of interest (R) = 9% per annum
Time (n) = 2 years
Amount (A) = Rs. 2970.25
We know that,
A=P(1+
100
r
)
n
=>2970.25=P(1+
100
9
)
2
=>
100
297025
=P(
100
100+9
)
2
=>
100
297025
=P(
100
109
)
2
=>
100
297025
=P×
10000
11881
=>
100
297025
×
11881
10000
=P
=>2500=P
Hence, the Principal (P) [the sum] is Rs. 2500
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