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Question
A sum of money deposited at 2% per annum compounded annually becomes Rs 10404 at the end of 2 years. Find the sum deposited.
Solution
\[A = P \left( 1 + \frac{R}{100} \right)^n \]
\[10, 404 = P \left( 1 + \frac{2}{100} \right)^2 \]
\[10, 404 = P \left( 1 . 02 \right)^2 \]
\[P = \frac{10, 404}{1 . 0404}\]
\[P = 10, 000\]
Thus, the required sum is Rs 10, 000.
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