Question

Vidya’s savings account has a balance of Rs. 2,654.39. The interest rate is 3% compounded monthly. Find the original principal
amount deposited two years ago?

Answer 1

Solution :-

→ Amount = A = Rs. 2654.39

→ Time = T = 2 years = 2 * 12 = 24 months .

→ Rate = R = 3% compounded monthly = (3/12) = (1/4)

→ Principal = Let Rs . P

So,

→ A = P[1 + (R/100)]^T

→ 2654.39 = P[1 + (1/400)]²⁴

→ 2654.39 = P(401/400)²⁴

→ 2654.39 = P(1.0025)²⁴

→ 2654.39 = P * 1.06175

→ P = (2654.39/1.06175)

→ P = Rs. 2500 (Ans.)

Hence, the original principal amount deposited two years ago was Rs. 2500 .

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Answer 2

Answer:

→ Amount = A= Rs. 2654.39

→ Time = T = 2 years = 2 * 12 = 24 months.

→ Rate = R = 3% compounded monthly =

(3/12) = (1/4)

→ Principal = Let Rs. P

So,

→ A = P[1 + (R/100)] ^t

→ 2654.39 = P[1 + (1/400)]^24

→ 2654.39 = P(401/400)^24

→ 2654.39 = P(1.0025)^24

→ 2654.39 = P * 1.06175

→ P = (2654.39/1.06175)

→ P = Rs. 2500 (Ans.)