Question

On what sum will the compound interest at 15/2% per annuan for three year
compounded annually be 3,101.40?

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On what sum will the compound interest at 15/2 percent per annum for three years compounded annually be Rs. 3101.40?

Smile Please 4th Feb, 2019

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Answer (1)

dhameerbhatia31_7970609

Student Expert

4th Feb, 2019

Hello Smile Please,

Given :

R= 15/2% N = 3 years

Let the principal be 100

Amount = P(1+R/100)^N

A = 100(1+15/200)^3

A = 100(1+3/40)^3

A = 100(43/40)^3

A= 100 (79507/64000)

A= 79507/640

A=₹ 124.23

Compound Interest (C.I)= A-P

C.I= 124.23 - 100= ₹24.23

If compound interest is ₹24.23, principal = ₹100

If compound interest is ₹1 , principal= 100/24.23

If compound interest is ₹ 3101.40 ,principal= (100/24.23)× 3101.40

= 310140/24.23= 12799.83

Hence, the sum is= ₹ 12799.83

Thanku.