Question

A sum of money becomes ₹6615 at a compound interest rate of 5% per annum in 2 years. Find the principal at the beginning of second year. ​

Answer 1

Given : A sum of money becomes ₹6615 at a compound interest rate of 5% per annum in 2 years

To find :   principal at the beginning of second year

Solution:

Let say Principal at the beginning of 2nd year = P  Rs

Rate of interest = 5 %

Amount after 2 years  =  Rs 6615

hence interest earned in 2nd year =  6615 - P  Rs

Interest earned in 2nd year =  P * 5 * 1 /100

=> P/20 = 6615 - P

=> 21P/20  = 6615

=> P = 315 * 20

=> P = 6300

principal at the beginning of second year. ​  = Rs 6300

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