What sum will amount to ₹24494.40 in 2 years at 8 % per annum, if compound interest is compounded annually?
A = amount
P = principal amount
R = rate of interest
T = time
$$A=P\left(1+\frac{R}{100}\right)^T$$
$$24494.40 = P\left(1+\frac{8}{100}\right)^2$$
$$24494.40=P\left(\frac{108}{100}\right)^2$$
$$24494.40=\frac{11664P}{10000}$$
$$2.1=\frac{P}{10000}$$
P = ₹21000
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