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    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.)?
    A Rs 24000 Correct Answer Incorrect Answer
    B Rs 21000 Correct Answer Incorrect Answer
    C Rs 20000 Correct Answer Incorrect Answer
    D Rs 25000 Correct Answer Incorrect Answer
    E Rs 22000 Correct Answer Incorrect Answer

    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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