On what principal will the compound interest at 5% per annum for 2 years compounded annually be Rs. 164 ?
Answers
Answered by
1
Step-by-step explanation:
Let the sum be Rs.x
We know that
CI=A−P
CI=P(1+
100
R
)
n
−P
CI=P[(1+
100
R
)
n
−1]
164=x[(1+
100
5
)
2
−1]
164=x[(1.05)
2
−1]
x=
0.1025
164
x=1600
Thus, required sum is Rs.1600.
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