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A certain sum of money yields Rs. 1261 as compound interest for 3 years at 5% per annum. The sum is:
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Explanation:
Compound interest = Rs. 1261
Time = 3 years
Rate % = 5 %=1\20
According to the question,
1261 units = Rs. 1261
1 unit=Rs.1261\1261 =Rs. 1
8000 units = 8000×1 = Rs. 8000
∴Hence Required Principal
= Rs. 8000