Question

18. Roshanara deposited a certain amount with a leasing company at the rate of interest
of 20% compounded annually. At the end of 3 years, he received back
21,600. Find the amount deposited.​

Answer 1

Solution:

Amount at the end = ₹ 21600

Interest = 20% pa

Time = 3 years

Define P:

Let the amount deposited be P

Solve P:

21600 = P(1 + 0.2)³

21600 = P(1.2)³

21600 = 1.728P

P = 21600 ÷ 1.728

P =  ₹ 12500

Answer: The amount deposited is  ₹ 12500

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