Question
Download Solution PDFFind the principal if the interest compounded at the rate of 12% per annum, compounding annually for 2 years is Rs. 1,908.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven
Compound interest after 2 years = Rs. 1,908
Rate of interest = 12% per annum
Concept:
CI = P [(1 + r/100)t - 1]
Solution:
CI = P [(1 + r/100)t - 1]
⇒ 1908 = P [(1 + 12/100)2 - 1]
⇒ 1908 = P [(1 + 3/25)2 - 1]
⇒ 1908 = P [(28/25)2 - 1]
⇒ 1908 = P [784/625 - 1]
⇒ 1908 = P × 159 / 625
⇒ P = 1908 × 625 / 159
⇒ P = 12 × 625 = Rs. 7500
Hence, the principal is Rs. 7,500.
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