Question
Download Solution PDFA principal becomes ₹ 19,683 in 3 years at 8 percent per annum compound interest, compounding annually. What is the principal?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Amount after 3 years = ₹19,683
Rate of interest = 8%
Time = 3 years
Concept:
A = P(1 + r/n)(nt) where A is the amount, P is the principal, r is the rate of interest, n is the number of times the interest is compounded per year, and t is the time.
Solution:
⇒ ₹19,683 = P(1 + 8%/1)(1×3)
⇒ Solving for P gives P = ₹15,625
Hence, the principal is ₹15,625.
Last updated on Jul 8, 2025
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