Question 62
On what principal will the compound interest for 3 years at 5% per annum amount to ₹63.05?
Solution
Let principal amount be Rs. $$P$$
Rate of interest = 5% for 3 years
Compound interest = $$P[(1+\frac{R}{100})^T-1]$$
=> $$P[(1+\frac{5}{100})^3-1]=63.05$$
=> $$P[(\frac{21}{20})^3-1]=63.05$$
=> $$P\times(\frac{9261-8000}{8000})=63.05$$
=> $$P=63.05\times\frac{8000}{1261}=Rs.$$ $$400$$
=> Ans - (A)
