Question
Download Solution PDFThe compound interest on a certain sum of money for 2 years at 5% is Rs. 3280. Then the sum is:
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Compound Interest (CI) = ₹3280
Rate (r) = 5%
Time (t) = 2 years
Formula used:
A = P × (1 + r/100)t
CI = A - P
Therefore, P = A - CI
Calculation:
Let Principal = P
A = P × (1 + 5/100)2
⇒ A = P × (1.05)2
⇒ A = P × 1.1025
CI = A - P
⇒ 3280 = P × 1.1025 - P
⇒ 3280 = P(1.1025 - 1)
⇒ 3280 = P × 0.1025
⇒ P = 3280 / 0.1025
⇒ P = ₹32,000
∴ The correct answer is ₹32,000.
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