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Question
On what sum of money will the compound interest for 2 years at 8% per annum amount to Rs 1399.68?
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Solution
P = x ; t = 2 years ; r = 8 % ; A = Rs (x + 1399.68)
`"A" = "P" (1 + "r"/100)^"n"`
Rs (x + 1399.68) = x `(1 + 8/100)^2`
Rs (x + 1399.68) =x × 1.08 × 1.08
Rs (x + 1399.68) = 1.1664 x
0.1664 x = Rs 1399.68
x = Rs 81411.538
On Rs 8,411.538 the C.I. for 2 years at 8% will be Rs 1399.68
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