Question

A sum of money amount to Rs.88200 in 2 years at 5 percent per annum compounded annually. Find the sum

Answer 1

Answer:

80000

Step-by-step explanation:

let the sum be p

88200 = p(1+5/100)^2

=> 88200 = p(21/20)^2

=> 88200 = p(21x21)/(20x20)

=> (88200 x 20 x 20) / 21 x 21 = p

=> p = 80000