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Question
A certain sum amounts to Rs 5832 in 2 years at 8% compounded interest. Find the sum.
Solution
Let the sum be P .
Thus, we have:
\[A = P \left( 1 + \frac{R}{100} \right)^n \]
\[5, 832 = P \left( 1 + \frac{8}{100} \right)^2 \]
\[5, 832 = 1 . 1664P\]
\[P = \frac{5, 832}{1 . 1664}\]
\[ = 5, 000\]
Thus, the required sum is Rs 5, 000.
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