Question

The price of a piece of land increases by 9% every year. If the present price is * 11,881, what was its price two years ago? ​

Answer 1

Answer:

p=10000

Step-by-step explanation:

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

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Answer 2

using compound interest formula

A=(1+r/100)^n

11881=p(1+9/100)^2

11881=p(109/100) (108/100)

p=11881(100*100)/(109*109)

p=118810000/11881

p=10000