find the principal if compound interest ( compounded annually ) at the rate of 10% per annum for three years is ₹ 331.
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Answer:
C.I. = ₹331
R = 10 % p.a.
T = 3 years
P = ?
Solution
C.I. = P[(1 + R/100)^n - 1]
=> 331 = P[(1 + 10/100)^3 - 1]
=> 331 = P[(100 + 10/100)^3 - 1]
=> 331 = P[(110/100)^3 - 1]
=> 331 = P[(11/10)^3 - 1]
=> 331 = P[1,331/1,000 - 1]
=> 331 = P[1,331 - 1,000/1,000]
=> 331 = 331P/1,000)
=> P = 331 × 1,000/331
=> P = ₹1,000
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