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Question
Sum of money amounts to Rs 453690 in 2 years at 6.5% per annum compounded annually. Find the sum.
Solution
\[453, 690 = P \left( 1 + \frac{6 . 5}{100} \right)^2 \]
\[P \left( 1 . 065 \right)^2 = 453, 690\]
\[P = \frac{453, 690}{1 . 134225}\]
\[P = 400, 000\]
Thus, the required sum is Rs 400, 000.
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