A certain sum when invested at 5% interest compounded annually for 3 years yields an interest of Rs.2,522. Find the Principal?

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RRB Non Technical Exam (Secunderabad) 2016 click here to view all questions

A certain sum when invested at 5% interest compounded annually for 3 years yields an interest of Rs.2,522. Find the Principal?

ARs.12,522

BRs.15,200

CRs.16,000

DRs.17,200

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Correct answer is: Rs.16,000 Explanation: Where, $\Rightarrow {\bf{CI}}\; = \;\left[ {{\bf{P}}\left\{ {{{\left( {1\; + \;\frac{{\bf{R}}}{{100}}} \right)}^t} - 1} \right\}} \right]$ P = Principal R = Rate of interest t = Time period $\begin{array}{l} 2522 = {\rm{\;}}\left[ {{\rm{P}}\left\{ {{{\left( {1\; + \;\frac{5}{{100}}} \right)}^3} - 1} \right\}} \right]\\ \Rightarrow {\rm{P\;}} = {\rm{\;}}\frac{{2522}}{{{{1.05}^3} - 1}}{\rm{\;}} = {\rm{\;Rs}}.16000 \end{array}$ ∴ Principal = Rs. 16,000 akarsh ? answered Jan 10 '2020 at 12:10 All Comments

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