Question

On what sum will the compound interest at 15/2% per annum for 3 years compounded annually be rs.3,101.40?

Answer 1

Given: R= 15/2% , n= 3 years
Let the principal be ₹100
Amount (A) = P(1+R/100)^n
A= 100 (1+15/200)^3
A= 100( 1+3/40)^n
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

∴the sum isis ₹ 12799.83 

Answer 2

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