Question 185
A certain sum will amount to 12,100 in 2 years at 10% per annum of compound interest, interest being compounded annually. The sum is
Solution
Let the sum = $$x$$
rate = 10% and time = 2 years
Amount after compound interest = $$x (1 + \frac{10}{100})^{2}$$ = 12100
=> $$\frac{121x}{100}$$ = 12100
=> $$x$$ = 10,000
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