Question
A certain sum is invested at an interest rate of 24% per
annum, compounded annually, for 2 years, and the compound interest earned after this period is Rs. 6,720. What is the initial sum that was invested?Solution
Let the sum invested be Rs. 'P'. CI = P X (1 + rate/100)t - P Or, 6,720 = P X 1.242 - P Or, 6,720 = 1.5376P - P Or, 6,720 = 0.5376P Or, 'P' = 6720 ÷ 0.5376 So, 'P' = 12,500
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