Question 60
A sum of money amounts to Rs. 1352 in 2 years at 4% per annum of compound interest. What is the sum?
Solution
Amount = Rs. 1352 and rate of interest = 4% after 2 years
Amount under compound interest = $$P(1+\frac{r}{100})^t$$
=> $$P(1+\frac{4}{100})^2=1352$$
=> $$P\times\frac{676}{625}=1352$$
=> $$P=2\times625=Rs.$$ $$1250$$
=> Ans - (B)
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