what sum of money will amount Rs.18150 in two years 10%p.a, compounded anually
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Answer:
Step-by-step explanation:
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Given that
A = ₹18,150
T = 2 years
R = 10 % p.a.
P = ?
Solution
When the interest is compounded annually
A = P(1 + R/100)^n
=> 18,150 = P(1 + 10/100)^2
=> 18,150 = P(100 + 10/100)^2
=> 18,150 = P(110/100)^2
=> 18,150 = P(11/10)^2
=> 18,150 = P × 121/100
=> P = 18,150 × 100/121
=> P = ₹15,000
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