What sum of money will amount to 5445 in 2 years at 10% per annum compound interest?

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Alexander B.

Algebra

7 months, 3 weeks ago

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what sum of money will amount to 93170 in 3 years at 10% per annum compound annually answer is 70000 pls show the steps

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What sum of money will amount to Rs. 5,445 in 2 years at 10% per annum compound interest ?

Given : P= Rs. 5,445 ; n = 2 years and r = 10%

Amount = `"P"( 1 + "r"/100 )^n`

⇒ 5,445 = `"P"( 1 + 10/100 )^2`

⇒ 5,445 = `"P"( 11/10 )^2`

⇒ P = `5,445( 10/11 )^2`

⇒ Rs. 4,500

Concept: Concept of Compound Interest - Inverse Formula

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