Question
A sum of money amounts to Rs. 10800 in 2 years at
compound interest compounded annually at the rate of 20% per annum. What is the principal?Solution
ATQ, Amount = Principal x (1 + R/100)^2 10800 = P x (1 + 20/100)^2 10800 = P x (6/5)^2 10800 = P x 36/25 P = 10800 x 25 / 36 P = 7500 Hence, the correct answer is Rs. 7500.
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