Question

A sum of money amounts to 3 10240 in 2 years at 62% per annum, compounded annually
Find the sum.​

Answer 1

Answer: Amount=10240 ,

⇒Time=2yrs ,

⇒Rate=20/3 ,

⇒A=P(1+r/100)power time ,

⇒10240=P(1+20/3×1/100)² ,

⇒10240=P(1+1/15)² ,

⇒10240=P(16/15)² ,

⇒10240=256P/225 ,

⇒P=225/256×10240 ,

⇒P=9000.

Hope it helps.