What is the principle amount which earns Rs. 132 as compound interest for the second years at 10% per annum?

Rs. 1000
Rs. 1200
Rs. 1320
None of these

Correct Answer: Rs. 1200

Explanation:

Let P the principle at the end of first year.
Then (P x 10 x 1)/100 =132
⇒ P =1320
Let Q be the original principle
Then, Q + (Q x 10 x 1)/100 =1320
⇒ Q =1200

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