Question

What amount of money Mohan invested in a bank in order to get rs. 1323 in 2 years at 5% compounded annually.​

Answer 1

ci = compound interest = ₹1323

n = years = 2

r = rate = 5%

p = principle = ?

$ci \: = p((1 + \frac{r}{100} )^{n} - 1) \\ \\ 1323 = p((1 + \frac{5}{100})^{2} - 1) \\ \\ 1323 = p((1 + \frac{1}{20})^{2} - 1) \\ \\ 1323 = p(( \frac{21}{20} )^{2} - 1) \\ \\ 1323 = p(\frac{441}{400} - 1) \\ \\ 1323 = p( \frac{441 - 400}{400} ) \\ \\ 1323 = p \times \frac{41}{400} \\ \\ \frac{1323 \times 400}{41} = p \\ \\ p = 12907.3171$

therefore,

principle amount is ₹12907.3171

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