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Question
A principal becomes ₹ 2028 in 2 years at 4% p.a compound interest. Find the principal
Solution
n = 2 years
r = rate of interest = 4% p.a
Amount A = ₹ 2028
Amount (A) = `"P"(1 + "r"/100)^"n"` ...[Applying in formula]
2028 = `"P"(1 + 4/100)^2`
2028 = `"P"(104/100)^2`
∴ P = `(2028 xx 100 xx 100)/(104 xx 104)`
= ₹ 1875
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