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On what sum will the compound interest a...

On what sum will the compound interest at `5% `per annum for `2` years compounded annually be` Rs 164`

Text Solution

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interset =`P(1+r/100)^T-P`, where P is the principal amount and r is the rate of interest and t is the time period.
`164=P(1+5/100)^2`-P
On solving we get=>P=Rs.1600.
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