income of a man is increase by 6% every year.what was income 2years ago if his present income is rs28090
Answers
Answered by
2
See
Future value= Present Value(1+i)^n
Present Income will be FV for us because we are looking backwards from this time and i equal to 6% and n equals to 2 years and Pv will the amt which we have to calculate.
Putting the information in the formula,
Fv=Pv(1+i)^n
28090=Pv(1+0.06)^2
28090=Pv(1.1236)
Pv=28090/1.1236
Pv=25000.
I guess it will help you ☺.
Future value= Present Value(1+i)^n
Present Income will be FV for us because we are looking backwards from this time and i equal to 6% and n equals to 2 years and Pv will the amt which we have to calculate.
Putting the information in the formula,
Fv=Pv(1+i)^n
28090=Pv(1+0.06)^2
28090=Pv(1.1236)
Pv=28090/1.1236
Pv=25000.
I guess it will help you ☺.
Abhishek08:
If you find this answer as best. Please Mark it as *Best*
Answered by
1
answer is 2481.976. i think this will help u
answer is rs 25000
my solution is correct
yes,
Similar questions