A sum is invested on compound intrest compounded annually. The interest in first two years were $1,000 and
$1,080. What is the principal amount?
С G
Answers
Answered by
7
Answer:
p = ? r = ? t = 1
prt/100 = 1000
pr×1 = 1000×100
pr = 100000 [1]
p¹ = p+1000 r¹ = r t¹ = 1
p¹r¹t¹/100 = 1080
(p+1000)×r×1 = 1080×100
pr+1000r = 108000 [2]
Subtract [1] from [2]
pr+1000r-pr = 108000-100000
1000r = 8000
r = 8
prt/100 = 1000
p×8×1 = 1000×100
8p = 100000
p = $12500
Similar questions