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Find the principal that should be deposited in bank so that the amount after 2 years is ₹22050 at the rate of interest 5% compounded annually.
Given :
Time t $=$ 2 years
Amount A $=$ Rs. 22050
Rate of interest per annum R $=$ 5%
To find :
We have to find the principal that should be deposited in bank.
Solution :
Let the principal P be Rs.x
Therefore,
Amount $A = P (1+ \frac{R}{100})^t $
$22050 = P(1+\frac{5}{100})^2 $
$22050 = P(1+0.05)^2$
$22050 = P(1.05)^2$
$P = \frac{22050}{1.1025}$
$P = \frac{22050}{11025\times 10^{-4}}$
$P = 2\times10^4$
$P = 2\times10000$
$P = 20000$
Therefore, the principal amount is Rs. 20,000.
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