Question

3
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Question # 39
Revisit
A sum of money was invested for 3 years at the rate of 4% per annum compounded annually amounted to $84 364 80
What is the sum invested?​

Answer 1

Answer:

30,000

Step-by-step explanation:

Given  

A sum of money was invested for 3 years. interest being compounded annually. the rates for successive years were 10%, 15% and 18% respectively. if the compound interest for the second year amounted to rs. 4950, find the sum invested.

Let the principal amount be x

So interest for first year = p r t / 100

                                         = x x 10 x 1 / 100

                                         = x / 10

Now principal for second year = x + x / 10

                                                    = 11 x / 10

So interest for second year will be = p r t / 100

                                                          = 11 x/ 10 x 15 x 1 / 100

                                                      = 33 x / 200

So 33 x / 200 = 4950

  33 x = 4950 x 200

     X = 990000 / 33

     X = 30,000

Hence sum invested is Rs 30,000