Question

On a certain sum, the compound interest in 2 years at 15% per annum is ₹ 11610. Find the sum.

Answer 1

Given:

• Compound Interest (C.I.) in 2 years = ₹ 11610
• Rate of interest (r) = 15% per annum
• Time (n) = 2 years

Step-wise calculation:

1. Let the principal be P.

2. Formula to calculate compound interest:

`C.I. = P((1 + r/100)^n - 1)`

3. Substitute the given values:

`11610 = P((1 + 15/100)^2 - 1)`

`11610 = P((115/100)^2 - 1)`

`11610 = P((13225/10000 - 1)`

`11610 = P xx 3225/10000`

4. Solve for P:

`P = (11610 xx 10000)/3225`

P = 36000