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A sum of money amounts to Rs. 14,680 in 3 years @5.5% p.a. compound
interest. Find the sum
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Given:
- Amount = Rs. 14.680
- Rate = 5.5 %
- Time = 3 years
What To Find:
We have to find the principal.
How To Find:
To find principal we will use,
Where
- A = Amount
- P = Principal
- R = Rate
- T = Time
Solution:
Using the formula,
⇒
Substitute the values,
⇒
Convert the fraction into decimal,
⇒
Solve the brackets,
⇒
Take 1.055³ to LHS,
⇒
Similply the fraction,
⇒ Rs. 12,501.6885 = P
Appox the value,
⇒ Rs. 12,502 = P
∴ Thus, the principal is Rs. 12,502.
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