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Question
Find the principal which will amount to Rs 22,344 in 2 years at compound interest if the rates of interest for the successive years are 12% and 14%?
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Solution
Here P= ? ; t = 2 years; r = 12 % and 14 % successively; A= Rs 22,344
`"A" = "P" (1 + "r"/100)^"n"`
Rs 22344 = P `(1 + 12/100)(1 + 14/100)`
Rs 22344 = P x 1.12 x 1.14
Rs22,344 = 1.2768 P
P = Rs `22344/1.2768`
P = Rs 17500
Hence, the principaI is Rs 17, 500.
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