Question

a certain sum amount to 72900 in 2 years at 8% per annum compound interest compounded annually find the sum








please answer fast​

Answer 1

Answer:

Sum is Rs.62,500

Step-by-step explanation:

P = initial amount = ?

R = rate of interest per cent per year = 8

T = number of years = 2

A = final amount at the end of T years = 72900

Period of compounding is annual

Using formula for compound interest,

A = P(1 + R/100)^T

Substituting the values, we get:

72900 = P(1 + 8/100)^2

72900 = P(1.08)^2

72900 = P(1.1664)

P = 72900/1.1664

P = 62500

The sum is Rs.62,500