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A sum of money deposited at 2 % per annum compounded annually becomes Rs. 10404 at the end of 2 years. Find the sum deposited.

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Rs. 100234

Rs. 105300

Rs. 10000

Rs. 10098

answer is C.

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Detailed Solution

Given,
Future value, A = Rs. 10404 ,
Time period, t = 2 years,
Interest rate, r = 2% per annum.
If P be the principal amount that is compounded yearly at an annual interest rate of r then the future value, A after t years. is given by,

A = P 1 + r 100 t

Applying the future value of compound interest formula and calculating the interest P.
Now substitute, A = 10404, t = 2 and r = 2,

10404 = P 1 + 2100 2

Solve for P.

10404 = P 1 + 0.02 2 ⇒ 10404 = P 1.02 2 ⇒ 10404 = 1.0404 P ⇒ P = 10000

Thus, the required sum is Rs. 10000.
Therefore, option (3) is correct.

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