Question : The amount (in Rs.) received at 10% per annum compound interest after 3 years is Rs. 1,19,790. What was the principal?
Option 1: 90,000
Option 2: 1,00,000
Option 3: 80,000
Option 4: 75,000
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Correct Answer: 90,000
Solution :
We have,
A = Rs. 119790, r = 10%, and t = 3 years.
$A = P \left(1 + \frac{r}{100}\right)^{t}$
Substituting the given values into the formula, we get
$⇒119790 = P \left(1+\frac{10}{100}\right)^{1×3}$
$⇒119790 = P \left(1+0.1\right)^{3}$
$⇒119790 = P \left(1.1\right)^{3}$
$⇒P=\frac{119790}{1.331}=Rs. 90,000$
Hence, the correct answer is 90,000.
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