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Home Aptitude Compound Interest See What Others Are Saying!
  • Question
  • Find the principal if the interest compounded at the rate of 10% per annum for two years is Rs. 420 ?


  • Options
  • A. Rs. 2000
  • B. Rs. 2100
  • C. Rs. 1900
  • D. Rs. 2150

  • Correct Answer
  • Rs. 2000 

    Explanation

    Given,
    Compound rate, R = 10% per annum
    Time = 2 years
    C.I = Rs. 420
    Let P be the required principal.
    A = (P+C.I)
    Amount, A =  P 1   +   r 100 n

    (P+C.I) =  P 1   +   10 100 2

    (P+420) = P[11/10][11/10]

    P-1.21P = -420

    0.21P = 420

    Hence, P = 420/0.21 = Rs. 2000

  • Tags: GATE, CAT, Bank Exams, AIEEE, Bank PO, Bank Clerk

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