Question

8. Find the principal amount for the rate of interest 10% p.a., time 3 years and compound interest earn
is 993.

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Answer 1

Ci = p*r*t/100
993=x*10*3/100
993=30x/100
30x=993-100
30x=893
X=893/30

Answer 2

Answer:

Rate of interest, r = 10%  =10010=0.1

Time period, t⇒3years.

number of times compounded yearly, n = 1.

compounded interest = Rs 993.

∴ Amount A = principal + compound interest

= P + 993.

we know, A =P(1+nr)nt

P+993=P(1+10.1)3

P+993=P(1.1)3

P+993=1.331P.

⇒993=1.331P−P

⇒0.33P=993.

⇒P=0.331993

⇒P=Rs3000