Question

. A certain sum of money compounded annually amounts to ₹ 23328 at 8% p.a. in 2 years time.Find the sum.

Answer 1

Answer:

Let P be the principal.

As we know that, compound interest is given as-

A=P(1+

100

r

)

n

Here,

A= Amount =7290

P= Principa =P=?

r= Rate of interest =8%

n= Time period =2 years

Therefore,

7290=P(1+

100

8

)

2

P=7290×(

27

25

)

2

=6250

Thus the sum invested is Rs.6250.

Hence the correct answer is 6250.