Question 64

A certain sum amounts to Rs.280900 in 2 years at 6% per annum, interest compounded annually. The sum is:

Solution

Amount = P(1 + $$\frac{r}{100})^t$$

Sum = p

Time(t) = 2 years

r = 6%

Amount = 280900

280900 = P(1 + $$\frac{6}{100})^2$$

280900 = P $$\times \frac{106}{100} \times \frac{106}{100}$$

p = 280990$$\times \frac{100}{106} \times \frac{100}{106}$$ = Rs.250000

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