On what sum will the compound interest at 15/2 percent per annum for three years compounded annually be Rs. 3101.40?
Answer (1)
Student Expert
4th Feb, 2019
Hello Smile Please,
Given :
R= 15/2% N = 3 years
Let the principal be 100
Amount = P(1+R/100)^N
A = 100(1+15/200)^3
A = 100(1+3/40)^3
A = 100(43/40)^3
A= 100 (79507/64000)
A= 79507/640
A=₹ 124.23
Compound Interest (C.I)= A-P
C.I= 124.23 - 100= ₹24.23
If compound interest is ₹24.23, principal = ₹100
If compound interest is ₹1 , principal= 100/24.23
If compound interest is ₹ 3101.40 ,principal= (100/24.23)× 3101.40
= 310140/24.23= 12799.83
Hence, the sum is= ₹ 12799.83
Thanku.
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