A sum of money deposited at 2% per annum compounded annually become Rs 10404 at the end of 2 years. Find the sum deposited.

Explanation

Amount= Rs `10404`
Rate=`2%`
Time =`2` years
`A=p(1+r/100)^2`
`P=A/(1+R/100)^2`
`=10404/(1+2/100)^2`
`=10404/(51/50)^2`
`=10404xx(50/51)^2`
`=10404xx(50xx50)/(51xx51)`
`=10000`
Sum= Rs `10000`.