Question

Find the sum of money to be invested which will amount to ₹23328 at 8 percent per annum in 2 years,compounded annually

Answer 1

Answer:

Step-by-step explanation:

Let P be the principal.

As we know that, compound interest is given as-

A=P(1+  

100

r

​

)  

n

 

Here,

A= Amount =7290

P= Principa =P=?

r= Rate of interest =8%

n= Time period =2 years

Therefore,

7290=P(1+  

100

8

​

)  

2

 

P=7290×(  

27

25

​

)  

2

=6250

Thus the sum invested is Rs.6250.

Hence the correct answer is 6250.

Answer 2

Answer:

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