what amount of money should mohan invest in bank in order to get Rs1323 in 2year at 5percent compounded annually?
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Amount=P[(1+R÷100)^n -1]
Rs 1323 = P[(1+5÷100)^2 -1]
Rs 1323 = P[(105÷100)^2 -1]
Rs 1323 = P[(21/20)^2 -1]
Rs 1323 = P[(21/20) × (21/20) -1]
Rs 1323 = P[(441/400) -1]
Rs 1323 = P[(441 -400) /400]
Rs 1323 = P×41 /400
Rs 1323 ×400 ÷41 = P
Rs 529200 ÷41 =P
Rs 12907.317 =P
Rs 12907.32 =P aprox ANS
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