find the sum of money that amount to $5850 in six years at 5percent per annum
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Given
Principal Amount= P = ?
Rate of Interest Per annum= R= 5%
Time = T = 6 years
Amount = 5850
We know that
Amount= P(1+TR)
5850=P(1 + 6×5/100)
5850=P(1 + 0.3)
5850 =P(1.3)
5850/1.3= P
4500 = P is the Principal Amount
Principal Amount= P = ?
Rate of Interest Per annum= R= 5%
Time = T = 6 years
Amount = 5850
We know that
Amount= P(1+TR)
5850=P(1 + 6×5/100)
5850=P(1 + 0.3)
5850 =P(1.3)
5850/1.3= P
4500 = P is the Principal Amount
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