Question

3. If compound interest * 420 is gained at rate of 5%
per annum on a principal in second year, then what
is the principal amount ?​

Answer 1

Answer:

Answer is Rs.

420 in 2nd year at 5% rate is Rs. 8000.

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Answer 2

Answer:

8000

Step-by-step explanation:

CI for the 1st year=P (1+5/100)-P

CI1 =P (21/20)-P=P/20

Now CI for 2nd year =P (1+5/100)^2 -P=441P/400 -P=41P/400

Given that

CI for 2nd year -CI for 1st year=420

41P/400 -P/20=420

21P/400=420

P=8000