Question

on what sum of money will compound interest for 2 years at 5% per Year amount to rupees 164​

Answer 1

hey here is your answer

Heya ☺

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

Thanks

make sure it brainliest please

Answer 2

Answer:

The amount of money was 1600/-

Step-by-step explanation:

• Compound interest: Compound interest is basically interest on interest. That means when interest is calculated over previous interest.

• time = t = 2 years,        rate of interest = r = 5

        Compound interest = C.I. = 164

• If the principal money is 'P'.

From the formula of compound interest,  C.I. = P$(1+\frac{r}{100} )^t$ - P

                                                                   C.I. = P[$(1+\frac{r}{100} )^t$ - 1]

                                                                  164 = P [ $(1+\frac{5}{100})^2$ -1]

                                                                  164 = P(0.1025)

                                                                   P = 164/0.1025

                                                                   P = 1600

∴The amount of money was 1600/-