On what sum of money will the compound interest for 2years at 5% per annum amount to
Rs768.75?
Answers
Answered by
2
Answer:
how's that
Step-by-step explanation:
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
Amount=P(1+\frac{r}{100})^tAmount=P(1+
100
r
)
t
Using the formula
768.75=P(1+\frac{5}{100})^2768.75=P(1+
100
5
)
2
768.75=P(1.05)^2768.75=P(1.05)
2
P=\frac{768.75}{(1.05)^2}P=
(1.05)
2
768.75
P=697.28P=697.28
Hence, sum of money=Rs 697.28
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