Question

Find the principal,if the compound interest at 10% per annum compounded annually for 3 years is 3310.​

Answer 1

Present value =₹ 10000

Interest rate =10% per annum

Time =3 years

To find the amount we have the formula,

Amount (A)=P(1+(r/100))

n

where P is present value, r is rate of interest, n is time in years

Now substituting the values in above formula we get,

∴A=10000(1+10/100)

3

⇒A=10000(11/10)

3

⇒A=121(10)(11)

⇒A=1331(10)

⇒A=₹ 13310

∴ Compound interest =A–P

=13310–10000=₹ 3310

Answer 2

Answer:

Principal = (S.I X 100) / (R X T)

= (Rs.993 X 100) / (10 X 3)

= (Rs. 99300) / (30)

= Rs. 3310.

Therefore, the principal amount is Rs. 3310.