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Question 102
The compound interest accrued on an amount at the end of two years at the rate of 12 p.c.p.a is Rs. 2,862. What is the amount ?
Solution
Let principal amount = $$Rs. P$$
=> $$C.I. = P [(1 + \frac{R}{100})^T - 1]$$
=> $$2,862 = P [(1 + \frac{12}{100})^2 - 1]$$
=> $$2,862 = P [(\frac{28}{25})^2 - 1]$$
=> $$2,862 = P (\frac{784 - 625}{625})$$
=> $$2,862 = P \times \frac{159}{625}$$
=> $$P = \frac{2,862 \times 625}{159}$$
=> $$P = 18 \times 625 = Rs. 11,250$$
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