Question

A sum of money at 8% per annum compound interest becomes rs.37791.36 in 3 years.the sum of money is

Answer 1

Given

Compounded amount (inclusive of Interest) = A= 37791.36

Duration/Time = n = 3 years

Rate of Interest Per annum= i = 8%

Required to find is P = Principal Amount

we know That..

For compound Interest...

A=P(1+i)^n

substituting above information..

37791.36 = P(1+8/100)^3

37791.36= P(1+0.08)^3

37791.36= P(1.08)^3

37791.36 = P(1.2464)

37791.36/1.2464 = P

30320.41 (Approx..) = P..

so the Principal amount= 30320.41...

Answer 2

Answer:

Given

Compounded amount (inclusive of Interest) = A= 37791.36

Duration/Time = n = 3 years

Rate of Interest Per annum= i = 8%

Required to find is P = Principal Amount

we know That..

For compound Interest...

A=P(1+i)^n

substituting above information..

37791.36 = P(1+8/100)^3

37791.36= P(1+0.08)^3

37791.36= P(1.08)^3

37791.36 = P(1.2464)

37791.36/1.2464 = P

30320.41 (Approx..) = P..

so the Principal amount= 30320.41...