Question

Mohit anand borrows a certain sum of money from the mindworkzz bank at 10% per annum at compound interest. The entire debt is discharged in full by mohit anand on payment of two equal amounts of ` 1000 each, one at the end of the first year and the other at the end of the second year. What is the approximate value of the amount borrowed by him?

Answer 1

Answer:

Explanation:

Solution: P + 2 years interest on P = 1000 + 1 years interest on 1000 + 1000

➔ 1.21P = 2100 → P = 1736 (approx)