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Question
What sum of money will amount to Rs 8,073 in 2 years at compound interest if the rates of interest for the successive years are 15% and 17%?
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Solution
Here P= ? ; t = 2 years ; r = 15% and 17% successively; A= Rs 8,073
`"A" = "P" (1 + "r"/100)^"n"`
Rs 8073 = P`(1 + 15/100)(1 + 17/100)`
Rs 8,073= P x 1.15 x 1.17
Rs 8,073 = 1.3455 P
P = Rs `8073/13455`
P = Rs 6,000
Hence, the sum of money is Rs 6,000
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