Question
The total amount received on a certain sum of money at the
rate of interest of 15% per annum compound interest after 3 years is Rs. 36501. What was the principal (in Rs.)?Solution
Amount = Principal * (1 + rate/100) time
=> 36501 = Principal * (1 + 15/100) 3
=> Principal = 36501 * 100/115 * 100/115 * 100/115
=> Principal = Rs. 24000
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