Question

A sum amounts to rupees 2376 to in 2 years at 9% per annum compounded annually find the sum​

Answer 1

Answer:

Let sum = P

Amount (A) = Rs.23762

Interest rate = 9 % per annum

Time = 2 years

Now,

Amount (A) = P (1 + R/100)n [Where, P = Present value

R = Annual interest rate

n = Time in years]

∴ A = P(1 + 9/100)2 2

⇒ 23762 = P (109/100)2

⇒ 23762 = P × 11881/10000

⇒ P = 23762 × 10000/11881

⇒ P = 2 × 10000

⇒ P = 20000

∴ Sum = Rs.20000