If the amount after 2 years the the rate of 6% per anum compounded annually is Rs. 12000. Find the principal
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Answer:
Rs.10679.95
Step-by-step explanation:
Amount (A) = Rs.12,000
Rate (R) = 6% per annum
Time (n) = 2 years
A = P (1 + R/100)ⁿ
=> 12000 = P (1 + 6/100)²
=> 12000 = P (53/50)²
=> P = Rs.10679.95
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