Question

On what sum of money will the compound interest for 2 years at 5% per annum amount to Rs 768.75
Please give appropriate answer step by step​

Answer 1

Given:

Time,t=2 years

Rate of interest,r=5%

Amount,A=Rs 768.75

To find:

Sum of money

Solution:

Let sum of money=P

We know that

Using the formula

Hence, sum of money=Rs 697.28

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