Question
Download Solution PDFOn a certain principal, the compound interest, compounded annually, for the second year at 20% per annum is Rs.1,300. The principal is (consider nearest integral value):
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
The compound interest, compounded annually, for the second year at 20% per annum is Rs.1,300.
Calculation:
Since the compound interest obtained for 2nd year is Rs. 1300
That means it is the simple interest on the principal of 2nd year which is (Main principal + Interest of 1st year)
⇒ 1300 = [Principal of 2nd year] × 20/100
⇒ [Principal of 2nd year] = 6500
We know that,
[Principal of 2nd year] = Main principal + Interest of 1st year
Suppose the main principal is P
⇒ P + [P × 20 × 1] /100 = 6500
⇒ 1.2P = 6500
⇒ P = 5416
∴ Principal amount = Rs. 5416Last updated on Jul 8, 2025
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