Exercise 8 (C) 1. What amount of money should Mohan invest in a bank in order to get * 1323 in 2 years at 5% compounded annually? shich amounts to 1352 in 2 years at 4% compound interest.
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Answered by
1
1200
Step-by-step explanation:
Amount(A) = 1323
Time (t) = 2 years
number of compounds per year (n) = 1
rate = 5% = 0.05
Formula = A=P(1+\frac{r}{n})^{nt}A=P(1+
n
r
)
nt
Substitute the values .
1323=P(1+\frac{0.05}{1})^{2}1323=P(1+
1
0.05
)
2
1323=P(1.05)^{2}1323=P(1.05)
2
1323=P\times 1.10251323=P×1.1025
\frac{1323}{1.1025}=P
1.1025
1323
=P
1200=P1200=P
Hence Mohan should invest Rs.1200
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