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Question
What sum of money will amount to Rs. 5,445 in 2 years at 10% per annum compound interest?
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Solution
Given:
P = Rs. 5,445 ; n = 2 years and r = 10%
Amount = `P (1 + r/100 )^n`
⇒ 5,445 = `P (1 + 10/100 )^2`
⇒ 5445 = P(1.1)2
⇒ `P = 5445/1.21`
⇒ P = Rs.4500
Hence the sum of money is Rs.4500
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