Question

4 Find the principal which amounts to 23.152.50 at the rate of 5 p.e.p.a. compounded annually for 3 years​

Answer 1

Answer:

Step-by-step explanation:

Amount = 23,152.50

Rate of interest = 5%

Time = 3 yrs

$Amt = p(1+i)^n$

$23,152.50 = p(1+0.05)^3$

$23,152.50 = p(1.05)^3$

$23,152.50 = p(1.157625)$

$p = 20,000$

The principle amount is 20,000