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A sum of money at compound interest amounts to rs 2916 in 2 years and rs 3149,28 in 3 years.

find the principal?

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by upendrapal89

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find the principal?

by upendrapal89

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If you did, then the diff between interest for 2 years and 1 year is 233.28 rs. We can now find the rate. This is 233.28/2916*100=8%

8% compounded for 2 years is the equivalent of 16.64% in one year. so, 2916=116.64% of p. so P= 2916/116.64*100 = 2500 rs.