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Calculate the principal, if an amount of Rs. 360 is received in compound interest at the rate of 20% per annum after 2 years.
1. Rs. 250
2. Rs. 460
3. Rs. 150
4. Rs. 175

1 Answer

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Best answer
Correct Answer - Option 1 : Rs. 250

Given

Amount = Rs. 360

Formula used

Amount = Principal[1 + r%]t

Where r and t is rate and time respectively

Calculation

360 = P[1 + (20/100)]t

⇒ 360 = P(120/100)2

⇒ P = (360 × 100 × 100/120 × 120)

⇒ P = Rs. 250

∴ Principal is Rs. 250

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