Find the principal that will yield a compound interest of ₹1632 in 2years at 4% rate of interest per annum
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The principal that will yield a compound interest of ₹1632 in 2years at 4% rate of interest per annum is Rs 20000
Solution:
Given that,
Compound Interest = 1632
Number of years = 2
Rate of interest = 4 %
Let "p" represents the principal
Amount = Compound Interest + Principal
Thus
Compound interest = Amount - Principal
On solving we get,
Thus Principal = Rs 20000
Learn more about Compound Interest
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