Question

What sum of money will amount to rs 7056 in 2 years at 5% per annum compounded annually

Answer 1

Given : sum of money amount to Rs 7056 in 2 years at 5% per annum compounded annually

To Find :    sum of money

Solution:

 sum of money  = P

Rate of interest  R = 5 %

Time n = 2 Years

Amount  A = 7056  

A = P(1 + R/100)ⁿ

=> 7056  = P(1  + 5/100)²

=> 7056 = P( 1  + 1/20)²

=> 7056 = P ( 21/20)²

=> 7056 = P * 441/400

=> P = 400 x 16

=> P = 6400

Hence Sum of Money = Rs 6400

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Answer 2

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What sum of money will amount to rs 7056 in 2 years at 5% per annum compounded annually

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$sum \: of \: money = p \\Rate \: of \: interest \: ( R) \: = 5\% \\ time \: n \: = 2 \: \: years \: \\ Amount \: (A) = \: 7056 \\ A = p(1 + R /100) ^{n} \\7056 = p(1 + 1 /20)^{2} \\ 7056 = p(21 + 20) ^{2} \\ \: 7056 = p \times 441 /400 \ \\ p \: = 6400$

$\red{i \: hope \: it \: is \: is \: helpful \: for \: you \: }$