Question

a sum of money invested at compound interest of 8%pa,compounded annually, amounted 7290 in 2 year. find the sum invested.

Answer 1

Step-by-step explanation:

Rate=8%

Amount=7290

Time=2 years

Principal=?

7290=p(1+r/100)n

7290=p(1+8/100)²

7290=p(1+4/50)²

7290=p×54/50×54/50

7290=p×2916/2500

p=7290×2500/2916

p=6250

now,

ci=amount-principal

ci=7290-6250=1040

total sum invested=ci+amount

7290+1040=8330

Hope this answer helps