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A sum amounts to ₹ 1352 in 2 yr at 4% compound interest. The sum is

₹ 1250
₹ 1200
₹ 1300
₹ 1260

Correct Answer: ₹ 1250

Explanation:

Using the formula, A = p ( 1 + R/100 )ⁿ
⇒ 1352 = p(1 + 4/100 )²
⇒ 1352 = p(1.04 )²
∴ p = 1352/(1.04)² = ₹ 1250

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