If the compound interest at the rate of 10% per
annum for three years is Rs.331, what would be
its principal amount?
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Answered by
4
Answer:
Answer
Rate of interest, r = 10% =
100
10
=0.1
Time period, t⇒3years.
number of times compounded yearly, n = 1.
compounded interest = Rs 993.
∴ Amount A = principal + compound interest
= P + 993.
we know, A =P(1+
n
r
)
nt
P+993=P(1+
1
0.1
)
3
P+993=P(1.1)
3
P+993=1.331P.
⇒993=1.331P−P
⇒0.33P=993.
⇒P=
0.331
993
⇒P=Rs3000
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