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A certain sum amounts to Rs. 6760 in 2 years at 4% per annum compound interest. Find the sum.
1. Rs. 6250
2. Rs. 5670
3. Rs. 4523
4. Rs. 5689

1 Answer

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Best answer
Correct Answer - Option 1 : Rs. 6250

Given

Amount = Rs 6760

Time = 2 years

Rate = 4% per annum

Formula used

A = P(1 + r%)t

Where A, P, r and t are amount, principal, rate and time respectively.

Calculation

6760 = P[1 + (4/100)]2

⇒ 6760 = P (104/100)2

⇒  (6760 × 100 × 100)/(104 × 104) = P

⇒ 6250 = P

∴ Principal is Rs.6250

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