Question
Download Solution PDFA sum of ₹ 53,240 is accumulated in 3 years at 10% compound interest (compounded annually ). What is the original amount ?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Amount (A) = ₹53,240
Rate (r) = 10%
Time (t) = 3 years
Formula used:
A = P(1 + r/100)t
Where, P = Principal
Calculations:
53240 = P(1 + 10/100)3
⇒ 53240 = P(1.1)3
⇒ 53240 = P × 1.331
⇒ P = 53240 / 1.331
⇒ P = ₹40,000
∴ The correct answer is option (4).
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