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Question

Find the principal, which amounts to Rs. 16,872.96 in 3 years at 4% compounded annually.

Solution
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Given, A=Rs.16,872.96, R=4% and n=3 years, we have to find P. We have,
A=P(1+R100)n
Hence,
16,872.96=P(1+4100)3=P(1.04)316,872.96=P(1.124864)
P=16,872.961.124864=15,000
Hence, the principal is Rs. 15,000.

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