Question : If interest is being compounded annually, then what sum will amount to Rs. 4036.8 in 2 years at the rate of 16% per annum at compound interest?
Option 1: Rs. 3000
Option 2: Rs. 1500
Option 3: Rs. 4000
Option 4: Rs. 2500
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Correct Answer: Rs. 3000
Solution : Amount = Rs. 4036.8 Time = 2 years Rate = 16% Let the principal be $P$. We know that, $ A= P(1+\frac{R}{100})^{T}$ ⇒ $ 4036.8= P(1+\frac{16}{100})^{2}$ ⇒ $ 4036.8= P(\frac{29}{25})^{2}$ ⇒ $ 4036.8= P\times\frac{29}{25}\times\frac{29}{25}$ ⇒ $ P=\frac{4036.8\times25\times25}{29\times 29}$ $\therefore P=3000$ Hence, the correct answer is Rs. 3000.
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