Math:- A certain sum amounts to $ 7200 in 2 years at 6% per annum compound interest, compounded annually. Find the sum?

Answers 1

[tex]\underline{\bf{Question:-}}[/tex]

A certain sum amounts to $ 7200 in 2 years at 6% per annum compound interest, compounded annually. Find the sum?

[tex]\underline{\bf{Given\:that:-}}[/tex]

Principle, p = ?

Amount = 7, 200

Time period, n = 2 years

Rate of interest, r = 6 % per annum.

[tex]\underline{\bf{Equation\:used:-}}[/tex]

[tex]\sf{:\implies{Amount = P(1+\dfrac{r}{n})^{nt}}}[/tex]

[tex]\sf{:\implies{7, 200 = P(1+\dfrac{6}{100})^{2}}}[/tex]

[tex]\sf{:\implies{7, 200 = P(1+0.06)^{2}}}[/tex]

[tex]\sf{:\implies{7, 200 = P(1.06)^{2}}}[/tex]

[tex]\sf{:\implies{7, 200 = P(1.1236)}}[/tex]

[tex]\sf{:\implies{p = \dfrac{7,200}{1.1236} = 6, 407.97}}[/tex]

Therefore, the sum is 6, 407.97

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