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A sum amounts to Rs. 756.25 at 10% per annum in 2 years, compounded annually. Find the sum.

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A sum amounts to Rs. 756.25 at 10% per annum in 2 years, compounded annually. Find the sum.

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Given details are,

Rate = 10 % per annum

Amount = Rs 756.25

Time (t) = 2 years

By using the formula,

A = P (1 + R/100) n

756.25 = P (1 + 10/100)2

P = 756.25 / (1 + 10/100)2

= 756.25/1.21

= 625

∴ The principal amount is Rs 625.

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