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Question 92
A certain sum when invested at 5% interest compounded annually for 3 years yields an interest of Rs. 2,522. Find the Principal?
Solution
$$A\ =\ p\left(1+\frac{r}{100}\right)^n$$
$$P+2522=P\left(\frac{105}{100}\right)^3$$
$$P+2522=1.57625P$$
$$0.57625P=2522$$
$$P=\frac{2522}{0.157625}=16000$$
Hence, principal = Rs 16000
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