Question

What sum of money will amount to Rs. 18150 in 2 years at 10% per annum, compounded annually?

Answer 1

Step-by-step explanation:

compound interest=amount -principal

amount=principal (1+rate/100)power time

let sum be x

18150=x(1+10/100)power2

18150=x(11/10)power2

1850=x(121/100)

18150*100/121=x

15000=x

therefore sum is 15000rs