Question

what amount of money should Mohan invest in a bank in order to get 1323 in 2 years at 5% compound annually

Answer 1

compound interest=principle(1+rate of interest/100)^time

                       1323=P(1+5/100)^2

                       1323=P(21/20)^2

                       1323=P(441/400)

                           P=(1323*400)/441

                           P=1200