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A Sum of Money Deposited at 2% per Annum Compounded Annually Becomes Rs 10404 at the End of 2 Years. Find the Sum Deposited. - Mathematics

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ConceptRate Compounded Annually Or Half Yearly (Semi Annually)

Question

A sum of money deposited at 2% per annum compounded annually becomes Rs 10404 at the end of 2 years. Find the sum deposited.

Solution

\[A = P \left( 1 + \frac{R}{100} \right)^n \]
\[10, 404 = P \left( 1 + \frac{2}{100} \right)^2 \]
\[10, 404 = P \left( 1 . 02 \right)^2 \]
\[P = \frac{10, 404}{1 . 0404}\]
\[P = 10, 000\]
Thus, the required sum is Rs 10, 000.

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Solution A Sum of Money Deposited at 2% per Annum Compounded Annually Becomes Rs 10404 at the End of 2 Years. Find the Sum Deposited. Concept: Rate Compounded Annually Or Half Yearly (Semi Annually).
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