Question

Find the principal which will amount to 34500 in 2 years at the rate of 4% p.a. compounded
annually.​

Answer 1

Step-by-step explanation:

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Answer 2

$a = p(1 + \frac{r}{100} ) {}^{n } \\ 34500= p(1 + \frac{4}{100} ) {}^{2} \\ 34500 = p(1 + \frac{1}{25} ) {}^{2} \\ 34500 = p( \frac{26}{25}) {}^{2} \\ 34500 \times \frac{25 \times 25}{26 \times 26} = p \\ 31897.189 = p$