Question

A compound interest in certain sum of money at 5%p.a for 2 years is 287. Find the sum

Answer 1

Step-by-step explanation:

given

ci.= 287

r = 5%

n =2

p =?

C.i = p ( 1+ r/100 )n -1

287 = p ( 1 + 5 /100 )² - 1

287 = p ( 105/100)² -1

287 = p x 0.21550625

287 /0.21550625 = p

p= 1332aprox