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Question 38
The maturity value of a certain sum after two years at 20% p.a. interest compounded annually is Rs.14,400/-. Find the principal amount.
Solution
$$A=P\left(1+\frac{R}{100}\right)^n$$
$$14400=P\left(1+\frac{20}{100}\right)^2$$
$$14400=P\times\ \frac{120}{100}\times\ \frac{120}{100}$$
$$P=10000$$.
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