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Application of Formula of CI

In compound i...

Question

In compound interest, the principal amount ₹ 2000 became ₹ 3500 after first year, then the principal for second year = ______

A

₹ 3500

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B

₹ 2500

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C

1500

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D

₹ 2000

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Solution

The correct option is A
₹ 3500

In Compound Interest,
Principal for the 2nd year is the same as total amount after 1st year.
Hence, Principal (2nd year) = Amount (1st year) = ₹ 3500

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