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Question
On what sum of money will the compound interest for 2 years at 5% per annum amount to Rs. 768.75?
Solution
Given: C.I. = Rs. 768.75; n = 2 years and r = 5%
∴ Amt. = `"P"( 1 + r/100)^n`
⇒ A = `"P"( 1 + 5/100)^2`
⇒ A = `"P"(21/20)^2`
⇒ A = `441/400`P
CI = Amt - P
⇒ `"P"xx (21/20 xx 21/20) - "P"` = 768.75
⇒ `"P" (21/20xx 21/20 - 1)` = 768.75
⇒ `"P" xx ((441 - 400)/400)` = 768.75
⇒ `"P" xx 41/400` = 768.75
⇒ `(768.75 xx400)/41`
P = ₹ 7500
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