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Question
What sum of money will amount to Rs 45582.25 at \[6\frac{3}{4} %\] per annum in two years, interest being compounded annually?
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Solution
\[A = P \left( 1 + \frac{R}{100} \right)^n \]
\[45, 582 . 25 = P \left( 1 + \frac{27}{400} \right)^2 \]
\[P \left( 1 . 0675 \right)^2 = 45, 582 . 25\]
\[P = \frac{45, 582 . 25}{1 . 13955625}\]
\[P = 40, 000\]
Thus, the required sum is Rs 40, 000.
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