Question

The compound interest for 2nd year is₹60 more than compound interest for 1st year at 10% p.a. CI calculated annually.The principal is​

Answer 1

Answer:

₹6000

Step-by-step explanation:

Given,

compound interest of 2nd year is ₹60 more than 1st year

1st year interest is 10% p.a.

Let principal = X, so interest at 10% p.a. will be 0.1X

so, amount after 1st year with 10% p.a. interest will be 1.1X

for the 2nd year the interest at 10% p.a. of the new principal will be 0.11X

Now we know that 0.11X - 0.1X = 60

So, 0.01X = 60; Thus X = 6000