what will be the principal if the amount after 3 years is Rs. 37200 at the rate of 8 per cent?
Answers
Answer:
P = 37200 × 100 / 3×8
P = 6200 × 25
P = ₹155000
Given :- what will be the principal if the amount after 3 years is Rs. 37200 at the rate of 8 per cent ?
Solution :-
Case 1) :- when rate is 8% simple interest .
we know that,
- simple interest = (Principal * rate * time) / 100
- Amount = Principal + simple interest .
Let us assume that, principal is Rs.100 .
so,
→ SI = (100 * 3 * 8) / 100
→ SI = Rs.24 .
then,
→ Amount = 100 + 24 = Rs.124 .
therefore,
→ 124 ----------------- 37200
→ 1 --------------------- 300
→ 100 ----------------- Rs.30000 (Ans.)
Hence, Principal is Rs.30000 when rate is at simple interest .
Case 2) :- when rate is 8% compounded annually .
we know that, when rate is compounded annually ,
- Amount = Principal * [1 + (Rate/100)]^(time)
Let us assume that, Principal is Rs. P .
Putting all values we get,
→ 37200 = P[1 + (8/100)]³
→ 37200 = P[1 + (2/25)]³
→ 37200 = P(27/25)³
→ P = (37200 * 25 * 25 * 25) / (27 * 27 * 27)
→ P = Rs. 29530.5 (Ans.)
Hence, Principal is Rs.29530.5 when rate is compounded annually .
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