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Question 28
The compound interest earned by Suresh on a certain amount at the end of two years at the rate of 8 p.c.p.a was Rs. 1,414.4. What was the total amount that Suresh got back at the end of two years in the form of principal plus interest earned?
Solution
Compound Interest after 2 years = 1414.4
$$P(1+\frac{8}{100})^2 - P$$ = 1414.4
=> $$P(1.08)^2 - P$$ = 1414.4
=> 0.1664P = 1414.4
=> P = 8500
Therefore amount = 8500 + 1414.14 = 9914.14
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