Question
Download Solution PDFThe compound interest on a sum for 2 years at the rate of 20 percent per annum (compounded annually) is Rs. 2860. What is the sum?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Compound Interest (CI) = ₹2860
Time (t) = 2 years
Rate (r) = 20% per annum
Formula used:
CI = P(1 + r/100)t - P
Where, P = Principal
Calculation:
2860 = P(1 + 20/100)2 - P
⇒ 2860 = P(1.2)2 - P
⇒ 2860 = P(1.44 - 1)
⇒ 2860 = P(0.44)
⇒ P = 2860 / 0.44
⇒ P = 6500
∴ The correct answer is option (1).
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