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viktelen [127]
3 years ago
15

The difference between the interest for first and second year on a sum of money compounded annually is rs 30 if the rate of inte

rest is 5% what was the sum of money deposited
Mathematics
1 answer:
fenix001 [56]3 years ago
7 0

Answer:

$600.00

Step-by-step explanation:

The difference between the interest for first and second year on a sum of money compounded annually is rs 30 if the rate of interest is 5% what was the sum of money deposited

We solve using Compound Interest formula which is given as:

First, convert R as a percent to r as a decimal

r = R/100

r = 5/100

r = 0.05 per year,

Then, solve the equation for P

P = I / ((1 + r/n)^nt - 1)

P = 30 / ((1 + 0.05/1)^(1×1) - 1)

P = 30 / ((1 + 0.05)^(1) - 1)

P = $600.00

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