Question

A sum of money deposited at 2% per annum compounded annually becomes 10,404 at
the end of 2 years. Find the sum deposited.​

Answer 1

Step-by-step explanation:

Given,

Rate of interest = 2% p.a

Time = 2 years

Amount = Rs.10404

Let principal = Rs. P

So,

$p((1 + \frac{2}{100})^{2} ) = 10404 \\ = p = \frac{51}{50} \times \frac{51}{50} = 10404 \\ p \frac{10404 \times 50 \times 50}{51 \times 51 } = rs10000$

Hence,

Principal = Rs.10000