What sum will amount to *2782.50 in 2 years at compound interest, if the rates are 5% and 6% for the successive years? 27 A sum of money is invested at compound interest payable annually. The interest in two successive years is 225 and 240. Find the amount
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Answer:
Given
Amount = 2782.50rs
Time = 2yrs
Rate of intrest r1 = 5%
r2= 6%
principal = ?
Amount = p( 1 + r1/100)( 1 + r2/100)
2782.50 = P ( 1 + 5/100)( 1 + 6/100)
2782.50 = P ( 105/100 ) ( 106/100 )
2782.50×100/105×100/106 = P
6.30×20×20 = P
630/100×20×20 = P
630×4 = P
P = 2520rs.
See it properly, clearly. Thank you
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