Question

on what sum will the compound interest at 7 1/2% per annum for three years compounded annually be 3101.40

Answer 1

Principal amount (p) = ?

rate of interest = i =  7 1/2 % = 7.5%

time = n = 3years  

Compound interest = CI = 3101.40

compounded Interest  = P((1+i)^n - 1)

3101.40=P((1 + 7.5/100)^3 -1)

3101.40= P9(1 + 0.075)^3 -1)

3101.40= P()1.075)^3 -1)

3101.40=P(1.242296875-1)

3101.40/0.242296875 = P

12800 = P = Principal Amount

Answer 2

Answer:

12,800

Step-by-step explanation:

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