Question
Download Solution PDFA sum becomes Rs.13,520 in 2 years at 4% per annum compound interest. Then the original sum is :
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Rate = 4%
Amount = Rs. 13,520
Formula Used:
For Compound Interest,
A = P{1 + (R/100)}n
where,
P = Principal
CI = Compound interest
R = Rate
n = Time
Calculation:
A = P{1 + (R/100)}2
⇒ 13,520 = P{1 + (4/100)}2
⇒ 13,520 = P{1 + (1/25)}2
⇒ 13,520 = P(26/25)2
⇒ 13,520 = P(676/625)
⇒ P = 13,520 × (625/676)
⇒ P = 12,500
∴ The original sum is Rs. 12,500.
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