Answered

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A sum amounted naira 2,590
at 10% Per annum for the
Period of 4 Years. Find the sum

Sagot :

Answer:

1,769

Step-by-step explanation:

The computation of the sum is shown below:

Future value = Present value × (1 + rate of interest)^number of years

2,590 = Present value × (1 + 0.10)^4

2,590 = Present value × 1.10^4

So, the present value is

= 2,590 ÷ 1.10^4

= 2,590 ÷ 1.4641

= 1,769

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