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A sum amounts to ₹2410 in 3 years and ₹2651 in 4 years at compound interest. Find the principal.

1. ₹1216
2. ₹1500
3. ₹1900
4. ₹1600

Correct answer: ₹1600

Solution

For compound interest, the amount after one more year is multiplied by the same factor. So, \frac{2651}{2410} = 1.1, which means the rate is 10%. Then the principal is \frac{2410}{1.1^3} = 1600. Hence, the principal is ₹1600.

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