What is the principle if compound interest for two year at rate of 16.66% is 780?
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Given
Compounded amount (inclusive of Interest) = A= 780
Duration/Time = n = 2 years
Rate of Interest Per annum= i = 16.66%
Required to find is P = Principal Amount
we know That..
For compound Interest...
A=P(1+i)^n
substituting above information..
780 = P(1+16.66/100)^2
780 = P(1+0.1666)^2
780= P(1.1666)^2
780 = P(1.33326)
780/1.33326 = P
580.03(Approx..) = P..
so the Principal amount= 580.03
Compounded amount (inclusive of Interest) = A= 780
Duration/Time = n = 2 years
Rate of Interest Per annum= i = 16.66%
Required to find is P = Principal Amount
we know That..
For compound Interest...
A=P(1+i)^n
substituting above information..
780 = P(1+16.66/100)^2
780 = P(1+0.1666)^2
780= P(1.1666)^2
780 = P(1.33326)
780/1.33326 = P
580.03(Approx..) = P..
so the Principal amount= 580.03
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