3672 Views

On what sum will the compound interest at 15/2 percent per annum for three years compounded annually be Rs. 3101.40?


Smile Please 4th Feb, 2019
Answer (1)
dhameerbhatia31_7970609 Student Expert 4th Feb, 2019

Hello Smile Please,

Given :

R= 15/2% N = 3 years

Let the principal be 100

Amount = P(1+R/100)^N

A = 100(1+15/200)^3

A = 100(1+3/40)^3

A = 100(43/40)^3

A= 100 (79507/64000)

A= 79507/640

A=₹ 124.23

Compound Interest (C.I)= A-P

C.I= 124.23 - 100= ₹24.23

If compound interest is ₹24.23, principal = ₹100

If compound interest is ₹1 , principal= 100/24.23

If compound interest is ₹ 3101.40 ,principal= (100/24.23)× 3101.40

= 310140/24.23= 12799.83

Hence, the sum is= ₹ 12799.83

Thanku.

Related Questions

Amity University | B.Sc Admis...
Apply
Ranked amongst top 3% universities globally (QS Rankings)
Galgotias University | Admiss...
Apply
25+ years of legacy | NAAC A+ Grade | 800+ Recruiters | 1.5 CR-Highest Package
Graphic Era (Deemed to be Uni...
Apply
NAAC A+ Grade | Among top 100 universities of India (NIRF 2024) | 40 crore+ scholarships distributed
Manav Rachna University | B.S...
Apply
Admissions open for B.Sc. (Hons.)- Chemistry, Mathematics, Physics & more
MAHE Online MBA
Apply
Apply for Online MBA from Manipal Academy of Higher Education (MAHE)
NIELIT University(Govt. of In...
Apply
Campuses in Ropar, Agartala, Aizawl, Ajmer, Aurangabad, Calicut, Imphal, Itanagar, Kohima, Gorakhpur, Patna & Srinagar
View All Application Forms

Download the Careers360 App on your Android phone

Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile

150M+ Students
30,000+ Colleges
500+ Exams
1500+ E-books