Question
A sum is lent on compound interest for 2 years at 12%
p.a. If the compound interest on the sum is Rs.4579.2, find the sum.Solution
Let the sum be Rs.x. According to question, => 4579.2 = x(1.12)2 – x => 4579.2 = 1.2544x – x => 4579.2 = 0.2544x => x = Rs.18000
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