Question

In what time will Rs.62,500 become Rs.72,900 if interest is 8 % per annum
compounded annually?

Answer 1

Answer:

A=P(1+

100

R

)

T

A=72900,R=8%.T=2 years,P=?

72900=P(1+

100

8

)

2

P=72900×

108

100

×

108

100

P=

16

1000000

=62500Rs.