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Question
What sum of money will amount to Rs 18, 792 in `1 1/2` years at 16% p.a. compounded yearly?
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Solution
P =? ; A= Rs 18792 ; t = `1 1/2` years ; r = 16%
`"A" = "P" (1 + "r"/100)^"n"`
⇒ Rs 18972 = P `(1 + 16/100)(1 + 16/100)^(1/2)`
⇒ Rs 18972 = P `(1 + 16/100)(1 + 1/2 xx 16/100)`
⇒ Rs 18, 972 = P x 1.16 x 1.08
⇒ Rs18,972 = 1.2528 P
⇒ P = Rs `18972/12528`
⇒ P = Rs15,143.68
Hence, the sum of money will be Rs 15,143.68
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