Question

A certain sum amounts to Rs.2970.25 in two years at 9% per annum compounded annually. find the sum .

Answer 1

A=P(1+r/n)^nt
2970.25=p(1+9/100×1/12)^12×2

2970.25=p(1209/1200)^24

p×1209^24/1200^24

2970.25=p×1.1964

p=2970.25/1.1964

p=2482.656