Question

Find the principal if the compound interest at the rate of 20 % per annum for 2 years is rupees 3520

Answer 1

Answer:

8000

Step-by-step explanation:

20+20+20×20/100 = 44%

44% = 3520

100% = 3520×100/44 = 8000

Answer 2

The principal is Rs.8000.

Step-by-step explanation:

Given : The compound interest at the rate of 20 % per annum for 2 years is rupees 3520.

To find : The principal ?

Solution :

The compound interest formula is CI=A-P

Where, $A = P(1+r)^{t}$

So, $CI=P(1+r)^{t}-P$

$CI=P[(1+r)^{t}-1]$

Here, Compound interest CI= Rs.3520

Rate of interest r=20% =0.2

Time t=2 year

Substitute the values,

$3520=P[(1+0.2)^{2}-1]$

$3520=P[(1.2)^{2}-1]$

$3520=P[1.44-1]$

$3520=P[0.44]$

$P=\frac{3520}{0.44}$

$P=8000$

Therefore, the principal is Rs.8000.

#Learn more

Find the Compound Interest on Rs.1,00,000 compounded semi annually for 1.5 years at the rate of 8% per annum.

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