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A sum of money becomes Rs 35,280 after 2 years and Rs 37,044 after 3 years when lent on compound interest. Find the principal amount.
Rs 32,000
Rs 28,000
Rs 31,500
Rs 32,500
P[1 + r/100]3 = 37,044, and P[1 + r/100]2 = 35,280 Divide both equations, [1 + r/100] = 37044/35280 = 21/20 So P[21/20]2 = 35280 P = 35280 x 400 /4441 = 32000
By: Amit Kumar ProfileResourcesReport error
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