By using the formula, find the amount and compound interest on:
A sum of money amounts to Rs 10240 in 2 years at 6 2/3% per annum, compounded annually. Find the sum.

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Solution

Amount (A) = Rs. 10240
Rate (r)=6+2/3%=20/3% p.a.Period
(n) = 2 years
Let sum = P, then A=P(1+r/100)ⁿ
⇒ 10240=P(1+20/(3×100))²⇒ 10240=P(1+1/15)²⇒ 10240=P×(16/15)²∴ P=Rs. 10240×(15/16)²=Rs. 10240×15/16×15/16=Rs. 9000
∴ Sum=Rs. 9000 Ans.

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