Gitesh took a loan for 4 years at 5% compound interest.If the total interest paid was 431.01.calculate the principal
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Principle = 2000 if CI considered
Step-by-step explanation:
Let say Principle = P
Rate of interest = 5 % per annum
Time = 4 Years
Simple interest = P * R * T /100
= P * 5 * 4 /100
= P/5
P/5 = 431.01
=> P = 2155.05
Compound interest = P (1 + 5/100)⁴ - P
= P( 0.21550625) = 431.01
=> P = 1999.99
=> P = 2000
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