Question

A sum of money invested at compound interest of 8% p.A, compounded annually amounted to ₹7290 in two years. Find the sum invested.

Answer 1

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Answer 2

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Let PRINCIPAL as “P”.

Amount = ( 1 + r/100^n )

Amount = ₹ 5445

Principal = P

Rate of interest = 10%

Time = 10 year's

Substituting the value,

5445 = P × ( 1+ 10/100 )²

5445 = P × ( 100 + 10/100 )²

5445 = P × ( 110 /100 )²

5445 = P × ( 11 /10 )²

5445 = P × ( 11 × 11 / 10 × 10 )

5445 = P × 121 / 100

P = 5445 × 100 / 121

P = 45 × 100

P = 4500

Answer = 4500

Hence, Principal = 4500