Question

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

Answer 1

Answer:

Let the sum be x.

Rate= 9 % p.a.

Time= 2 years

Amount=Rs 2970.25

therefore, 2970.25=x(1 + 9/100)²

2970.25=x* 109/100 * 109/100

∴x= 2970.25*100*100 / 109*109

x=Rs. 2500

therefore sum = Rs 2500