Question 101
A sum of money fetches Rs 408 as compound interest at the rate of 4 p.c.p.a at the end of two years. What is the sum ?
Solution
Let the principal be P.
Hence, CI = $$P*(1 + 4\%)^2 $$ - P = Rs 408
1.0816P - P = 408
P = 408 / 0.0816 = 5000
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