Maths-
General
Easy

Question

What sum of money will amount to  Rs9261 in 3years at 5% per annum compound interest?

hintHint:

Use the formula of total amount to find the principal amount.

The correct answer is: 8000 Rupees


    Complete step by step solution:
    Let the principal amount = P
    Here we have R = 5% , T = 3 years and total amount A = 9261 Rupees.
    We know that A equals P space open parentheses 1 plus R over 100 close parentheses to the power of T…(i)
    On substituting the known values in (i), we get 9261 equals P subscript blank open parentheses 1 plus 5 over 100 close parentheses cubed
    table attributes columnalign right left right left right left right left right left right left columnspacing 0em 2em 0em 2em 0em 2em 0em 2em 0em 2em 0em end attributes row cell not stretchy rightwards double arrow 9261 equals P space open parentheses 21 over 20 close parentheses cubed end cell row cell not stretchy rightwards double arrow P equals 9261 open parentheses 20 over 21 close parentheses cubed end cell end table
    not stretchy rightwards double arrow P equals 8000 Rupees.
    Hence the principal amount P = 8000 Rupees.

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