Question 36

The compound interest accrued on an amount at the end of two years at the rate of 16% per annum is Rs 3041.28. What is the amount ?

Solution

Let the principal be P.

Hence, CI = $$P(1+16\%)^2 - P$$ = 1.3456P - P = 0.3456P = 3041.28

P = 3041.28/0.3456 = 8800

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