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Question
A principal amounts to ₹ 13,924 in 2 years by compound interest at 18 p.c.p.a. Find the principal.
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Solution
Here, P × Principal
A = ₹ 13,924
R = 18 %
N = 2 years
A = P `(1 + "R"/100)^"N"`
∴ 13,924 = P `(1 + 18/100)^2`
∴ 13,924 = P `(1 + 9/50)^2`
∴ 13,924 = P `(59/50)^2`
∴ P = `(13,924 xx 50 xx 50)/(59 xx 59)`
∴ P = 10,000
Hence, the principal is ₹ 10,000.
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