on what sum will the compound interest (reckoned yearly) for 3 years at 6(1/4) % per annum be rs. 408.50
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It is given that
CI = 5712
Rate of interest (r) = 4% p.a.
Period (n) = 2 years
We know that
A = P(1+r/100)
n
It can be written as
CI= A - P = P(1+r/100)
n
- P
=P[(1+r/100)
n
- 1]
Substituting the values
5712=P[(1+4/100)
2
−1]
= P[(26/25)
2
−1]
By further calculation
= P[(676/625−1]
Taking LCM
=P[(676−625)/625]
=P×51/625
Here
P= 5712×625/51
= 112×625
=70000
Hence, the principal amount is 70000.
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