The compound interest on a sum of money is 512.50 calculated at 5% per annum for 2 years. What is the sum
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Step-by-step explanation:
Compound Interest for 3 years at 2% pa = 306.04
Say Principal = p, we have
(p*(102/100)^3)-p = 306.04
= 1.061208p - p = 306.04
= 0.061208p = 306.04
= p = 306.04/ 0.061208
= p = 5000
SI = 5000*2/100*3= 300.
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