Question

sum will the compound interest at 7 whole 1 by 2% per annum for 3 years compounded annually be Rupees 3100 1.40

Answer 1

Amount=Rs 31001.40

Rate of interest=7 1/2 % (Mixed fraction)=15/2%

Time = 3 years

Principal =P

Formula of Amount if the rate of interest is compounded annually

$Amount = Principal [ 1 +\frac{R}{100}]^{n}$

$31001.40=P[1+\frac{15}{200}]^{3}$

$31001.40=P[\frac{215}{200}]^{3}\\\\31001.40=P[\frac{43}{40}]^{3}$

→31001.40=P×1.24229(approx)

→P= 31001.40÷1.24229

→Principal = Rs 24955.0427(approx)

Answer 2

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