Question

find the sum of money which amounts to 96100 after 2 years, if the rate of interest is 31.3% pa compounded annually
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Answer 1

here,

let the principle be 'x',

then,

interest=PTR/100

            =(x×2×31.3)/100

            =62.6x/100

            =0.626x

now,

amount=P+I

or,96100=x+0.626x

or,96100=1.626x

or,x=96100/1.626

∴x=59102.091

so,

Principle=59102.091