A sum of money amounts to 11664 in 2 years at 8% per annum compounded annually. Find the sum. Find the sum
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Step-by-step explanation:
Compound interest = Amount – Sum
⇒ 11664 – 10000 = Rs. 1664
1664 can be written as = 800 + 800 + 64
rate of interest = 8% (∵ 800 = 8% of 10,000 and also 64 is 8% of 800)
Simple interest on sum for 27/5 years = (10000 × 8 × 27/5)/100 = Rs.4320.
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