Question

At 8% interest per annum a sum of money becomes Rs 924 in 27/4 years.
What was initially invested money.?

Answer 1

The initially invested money was Rs 550

Step-by-step explanation:

Amount, A = Rs 924

Time, t = 27/4 years

Rate, r = 8% per annum

Let sum be P

Formula:-$A=P(1+r)^t$

$924=P(1+0.08)^{\frac{27}{4}}$

$P=\dfrac{924}{(1.08)^{\frac{27}{4}}}$

$P=549.62\approx 550$

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