Question

3. A man sold his flat. He invests half of the money received at a compound interest of 6% p.a. and
the other half at 10% p.a. for 3 years. He will get Rs 6,30,504 after 3 years. At what price did he sell
his flat?
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Answer 1

Answer:

here is your answer

Step-by-step explanation:

500000

Step-by-step explanation:

Let the amount he had to invest be x.

He invests 0.5x at 6% for 3 years and the other 0.5x at 10% for 3 years.

The compound interest accumulation function is given by :

A = P(1 + I)ⁿ

A = Accumulated amount

P = the invested amount

I = interest rate.

n = time in years

Doing the substitution we have :

630504 = 0.5x(1.06)³ + 0.5x(1.10)³

630504 = 0.5x(1.06³ + 1.10³)

x = 630504 / [0.5(1.06³ + 1.10³)]

x = 500000

Rupees 500000

hope it helps you