Question

What sum of money will amount to $Rs2832$ at $9\frac{1}{2}\%p.a$. in $5$ years?

Answer 1

A = P + S I

$A=P+\frac{PRT}{100}\Rightarrow 2832=P(1+\frac{19\times 5}{2\times 100})$

$\Rightarrow 2832=P\left(1.475\right)$ $\Rightarrow P=\frac{2832}{1.475}=1920Rs$