on what sum of money will compound interest for 2 years at 5 percent per year amount to ₹164?
Answers
Answered by
2
Answer:Solution : interset =P(1+r100)T-P, where P is the principal amount and r is the rate of interest and t is the time period. On solving we get=>P=Rs. 1600.
Answered by
10
Answer:
Given that
C.I. = ₹164
R = 5 % p.a.
T = 2 years
P = ?
Solution
When the interest is compounded annually.
C.I. = P{(1+R/100)^n - 1}
=> 164 = P{(1+5/100)^2 - 1}
=> 164 = P{(100+5/100)^2 - 1}
=> 164 = P{(105/100)^2 - 1}
=> 164 = P{(21/20)^2 - 1}
=> 164 = P{441/400 - 1}
=> 164 = P{441 - 400/400}
=> 164 = 41P/400
=> P = 164 × 400/41
=> P = ₹1,600
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