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The amount received at 10% per annum compound interest after 3 yrs is Rs. 10,648. What was the principal (in Rs.)?
- a)8000
- b)9000
- c)8500
- d)7500
Correct answer is option 'A'. Can you explain this answer?
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Verified Answer
The amount received at 10% per annum compound interest after 3 yrs is ...
We have,
Amount = Principal × (1 + Rate/100)time
⇒ 10648 = Principal × (1 + 10/100)3
⇒ 10648 = 1.331 × Principal
⇒ Principal = 10648/1.331 = 8000
Most Upvoted Answer
The amount received at 10% per annum compound interest after 3 yrs is ...
Given data:
- Principal amount (P) = ?
- Rate of interest (R) = 10%
- Time (T) = 3 years
- Amount (A) = Rs. 10,648
Formula for compound interest:
The formula to calculate the amount after compound interest is:
A = P(1 + R/100)^T
Calculation:
Given, A = Rs. 10,648, R = 10%, and T = 3 years
Substitute the values into the formula:
10,648 = P(1 + 10/100)^3
10,648 = P(1.10)^3
10,648 = P(1.331)
Divide both sides by 1.331:
P = 10,648 / 1.331
P = 8000
Therefore, the principal amount was Rs. 8000.
So, the correct answer is option 'A' - 8000.
- Principal amount (P) = ?
- Rate of interest (R) = 10%
- Time (T) = 3 years
- Amount (A) = Rs. 10,648
Formula for compound interest:
The formula to calculate the amount after compound interest is:
A = P(1 + R/100)^T
Calculation:
Given, A = Rs. 10,648, R = 10%, and T = 3 years
Substitute the values into the formula:
10,648 = P(1 + 10/100)^3
10,648 = P(1.10)^3
10,648 = P(1.331)
Divide both sides by 1.331:
P = 10,648 / 1.331
P = 8000
Therefore, the principal amount was Rs. 8000.
So, the correct answer is option 'A' - 8000.
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The amount received at 10% per annum compound interest after 3 yrs is Rs. 10,648. What was the principal (in Rs.)?a)8000b)9000c)8500d)7500Correct answer is option 'A'. Can you explain this answer?
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