Geeta deposited a certain sum of money in her bank account which amounted to ₹27,783 in 3 years at 5% per annum, the interest being compounded annually. What amount did she deposit?
Answer
The correct answer is A: ₹24,000. Principal = 27783 × (100/105)³ = 27783 × (20/21)³ = 3 × 20 × 20 × 20 = ₹24,000.