A sum of money is borrowed and paid back in two annual installment of tk 882 each allowing 5% compound interest. the sum borrowed was
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Present worth of Rs. P due in n years is given by
Present worth = compound formula
Therefore, Principal = (Present worth of Rs. 882 due 1 year hence) + (Present worth of Rs. 882 due 2 years hence)
= Rs 840 + Rs 800
= Rs 1640
I Hope this is helpful for u......
Present worth = compound formula
Therefore, Principal = (Present worth of Rs. 882 due 1 year hence) + (Present worth of Rs. 882 due 2 years hence)
= Rs 840 + Rs 800
= Rs 1640
I Hope this is helpful for u......
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