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On what principal will the compound interest at 5% per annum for 2 years compounded annually be Rs. 164 ? |
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Answer» Step-by-step explanation: Let the sum be Rs.x We know that CI=A−P CI=P(1+ 100 R
) −P CI=P[(1+ 100 R
) n −1] 164=x[(1+ 100 5
) 2 −1] 164=x[(1.05) 2 −1] x= 0.1025 164
x=1600 Thus, required sum is Rs.1600. |
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