a sum of moneyinvested at 9%per annum compounded anually amounted to ruppes7550 in two years. find the sum invested
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Answer:
The sum invested is Rs. 3450.48
Step-by-step explanation:
Given the rate of interest = R = 9%
Amount = A = Rs. 7550
Time = n = 2 years.
Let the Principal be 'P'
We know, for compound interest,
A = P + P (1 + R/100)ⁿ
=> 7550 - P = P (1 + 9/100)²
=> 7550 - P = P (109/100)²
=> 7550*100*100 - 100*100*P = P*109*109
=> 75500000 - 10000P = 11881P
=> 75500000 = 21881P
=> P = 3450.48
Therefore, the sum invested is Rs. 3450.48
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