Question

9. On what sum will the compound interest at 7% per annum for three years compounded annually be 3,101.40?​

Answer 1

Step-by-step explanation:

9. On what sum will the compound interest at 7% per annum for three years compounded annually be 3,101.40?

Answer 2

Given,

Rate = 7% p.a.

Time = 3 yrs

CI =3101.40

principal = ?

we know,

CI = p {1+R\100}^n

3101.40 = p {1+7\100}³

3101.40 = p*{107\100}³

3101.40 = p*1225043\1000000

3101.40 = 1225043\1000000p

1225043p = 3101400000

p = 3101400000\1225043

p = 2531.66