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in Compound Interest by (28.9k points)
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What sum of money will amount to Rs. 45582.25 at 6 3/4 % per annum in two years, interest being compounded annually?

1 Answer

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Best answer

Given, 

Amount = Rs.45582.25 

Rate \(={6}\frac{3}{2}\text%\) \(=\frac{27}{4}\text%\) p.a

Time = 2 years 

Let principal = Rs.P 

So,

A = \({P}[({1}+\frac{R}{100})^T]\)

\(={P}[({1}+\frac{27}{4\times100})^2]\) = 45582.25

\(={P}\times\frac{427}{400}\times\frac{427}{400}\) = 45582.25

\(={P}=\frac{45582.25 \times 400 \times 400}{427\times427}\) = Rs. 40000

Hence, 

Principal = Rs. 40000

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