The amount received at 10% per annum compound interest after 3 yrs is Rs 10,648. What was the principal (in Rs)?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. 8000
A = 10648
T = 3 years
R = 10%
A = P(1 + r/100)n
10648 = P(1 + 10/100)3
P = 10648/(1.1)3
P = Rs 8000