dipakhero94
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what sum of money amounts to rupees 8700 in 3 years at the rate of 24 % per annum​

Sagot :

Given:

Amount = 8700

Time = 3 years

Rate of interest = 24% per annum

To find:

The principal values.

Solution:

Formula for amount:

[tex]A=P\left(1+\dfrac{r}{100}\right)^t[/tex]

Where, A is amount, P is principal, r is the rate of interest and t is the number of years.

Putting [tex]A=8700,r=24,t=3[/tex], we get

[tex]8700=P\left(1+\dfrac{24}{100}\right)^{3}[/tex]

[tex]8700=P\left(1+0.24\right)^{3}[/tex]

[tex]8700=P\left(1.24\right)^{3}[/tex]

[tex]8700=1.906624P[/tex]

Divide both sides by 1.906624.

[tex]\dfrac{8700}{1.906624}=P[/tex]

[tex]4563.0391729=P[/tex]

[tex]P\approx 4563.04[/tex]

Therefore, the principal value is about 4563.04.

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