Question
A sum of money amounts to Rs. 12100 in 2 years and Rs.
13310 in 3 years at compound interest, compounded annually. What is the principal?Solution
ATQ, Amount after 2 years = 12100 Amount after 3 years = 13310 Rate for 1 year: 13310 - 12100 = 1210 Rate % = (1210 / 12100) x 100 = 10% So, rate = 10% Now, 12100 = P(1.10)^2 12100 = P x 1.21 P = 12100 / 1.21 = 10000 Hence, the correct answer is Rs. 10,000.
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