The income of a company increases by 20% per year, if income is Rs. 25200 in year 2022, then its income in year 2020 was?
Answer & explanation
Correct answer: option 2
A = P (1+ \(\frac{R}{100}\))T
25200 = P (1+ \(\frac{R}{100}\))2
25200 = P (\(\frac{6}{5}\))2
\(\frac{25200 × 5 × 5}{6 × 6}\) = P
P = 17500