Question

At what sum of money will it amount 2856.8 at rate 1% in two years

Answer 1

let Principal = 100
rate = 1%
time = 2 years
interest = (100 × 1 × 2)/100
= 2
amount = 100 + 2 = 102
if amount is 102 then principal = 100
if amount is 1 then principal. = 100/102
if amount is 2856.5 then principal
= (100/102) × 2856.5
= 100 × 28.004902
= 2800.49