Question

the piece of land increase by 9% every year if the present price is Rupees 1188 1 what was its price 2 years ago?

Answer 1

using Compound interest formula
A = p(1+r/100)^n
11881 = p (1+9/100)^2
11881= p(109/100)(109/100)
p= 11881(100*100)/(109*109)
p= 118810000/11881
p= 10000

Answer 2

Answer: Price 2 years ago was Rs. 10000

Step-by-step explanation:

Since we have given that

Present price = 11881

Rate of growth in price = 9%

We need to find the price 2 years ago.

11881 = P(1+0.09)^2

11881=P×1.09^2

11881÷1.1881 = P

P = 10000

Hence, price 2 years ago was Rs. 10000.