Question

Find the sum of money which amount to rs.96100 after 2 year if rate of interest is 3 1/3% compounded annually

Answer 1

Step-by-step explanation:

Given:-

A=Rs.31740

n=2 years

R=15

As we know that,

A=P(1+

100

R

)

n

31740=P(1+

100

15

)

2

31740=P(

20

23

)

2

⇒P=

23×23

31740×20×20

=Rs.24000

Hence the sum of money is Rs.24000.