Find the principal, which amounts to Rs. 16,872.96 in 3 years at 4% compounded annually.

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Solution

Given, $A = R s . 16, 872.96$ , $R = 4 %$ and $n = 3$ years, we have to find $P$ . We have,
$A = P {(1 + \frac{R}{100})}^{n}$
Hence,
$16, 872.96 = P {(1 + \frac{4}{100})}^{3} = P (1.04)^{3} \Rightarrow 16, 872.96 = P (1.124864)$
$\Rightarrow P = \frac{16, 872.96}{1.124864} = 15, 000$
Hence, the principal is Rs. $15, 000$ .

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