Question

A sum of money amounts to
66,836.70 in 2 years at 3% p.a.
compound interest. The sum is​

Answer 1

We know that,
Final Amount A=P(1+
100
r
​
)
n


Here, A=66,836.70
r=3
n=2

Now, 66,836.70=P(1+
100
3
​
)
2
⇒P=
1.03
2

66,836.70
​
=63000

So, Compound Interest =66836.70−63000=3836.7