a certain sum amounts to Rs.2,970.25 in 2 years at 9% per annum coumpounded anually. Find the sum.
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A=2970.25
T=2 years
R=9% p.a.
P=?
A=P(1+r/100)
2970.25=P(1+9/100)^2
2970.25=P(109/100)^2
2970.25×10000/11881=P
P=2500
Therefore, the required principal is ₹2500.
T=2 years
R=9% p.a.
P=?
A=P(1+r/100)
2970.25=P(1+9/100)^2
2970.25=P(109/100)^2
2970.25×10000/11881=P
P=2500
Therefore, the required principal is ₹2500.
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