Question

what sum of money will amount to 296 in 3 years at 12% a simple interest​

Answer 1

Answer:

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Step-by-step explanation:

Here Amount = 21,296; Rate of interest(R) = 10%

And time period(n) = 3yrs

Amount = P(1+(R/100))^n

Amount(A) = 21,296

=P(1+(10/100))^3

=P(110/100)^3

=P(1331/1000) =21,296

=>P = 21296*1000/1331

=16000

Hence the principle is 16000