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The compound interest accrued on an amount at the end of 3 years at the rate of 20% per annum is ₹5824. What is the principal amount?

1. ₹8000
2. ₹9000
3. ₹7500
4. ₹10000

Correct answer: ₹8000

Solution

For 3 years at 20% compound interest, amount = P(1.2)^3 = 1.728P. Given CI = ₹5824, amount = P + 5824. Solving gives P = ₹8000.

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