Question

what sum will amount to rs 2000 in 3 years at 6% per annum compound interest for sum​

Answer 1

Answer:

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Answer 2

Answer:

the initial principal amount was Rs 1680.67

Step-by-step explanation:

formula for compound interest A= $P( 1+ \frac{r}{100} )^{t}$

A= final amount

P= initial principal balance

r= interest rate

n= number of times interest applied per time period

t= number of time periods elapsed

In the given question, A= 2000

t = 3 years

r = 6%

We have to find P

Substitute the given values in the formula

2000 = P(1+ 6/100)3

⇒ 2000 = P (106/100)3

⇒ 2000 = P(1.06)3

P = 2000/1.19

P= 1680. 67 Rs

Therefore the initial principal amount was Rs 1680.67