Compound Interest is charged on a certain sum for 3 years at 15% per annum.
If the amount becomes Rs 700, determine the principal.
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Given : Compound Interest is charged on a certain sum for 3 years at 15% per annum. the amount becomes Rs 700,
To Find : determine the principal
Solution:
Principal = P
Rate of interest R = 15 %
Time n = 3
A = 700
A = P(1 + R/100)ⁿ
=> 700 = P(1 + 15/100)³
=> 700 = P ( 1.15)³
=> P = 460.26
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