A sum of money amounts to ` 2025 at 12.5% p.a. after 2 years, compounded annually. Findthe sum of money.
Question
Solution 1
To find the sum of money, we need to use the formula for compound interest which is:
A = P(1 + r/n)^(nt)
Where: A = the amount of money accumulated after n years, including interest. P = the principal amount (the initial amount of money) r = annual interest rate (in decimal) n = number of times th Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob
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