Question

- On what sum of money will the compound
interest for 2 years at 5 per cent per annum
amount to 768.75 ?
ans given in book is 7500​

Answer 1

Answer:

A * (1.05)^2 = A + 768.75     where A is the amount invested

A * (1 + .1 + .0025) = A + 768.75

.1025 A = 768.75

A = 7500