Question

3. What sum will amount to 9,261 at 5% per
annum compound interest after 3 years?
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Answer 1

Answer:

Let sum =P

Amount=9261

Rate=5%

Time=3years

Amount=P(1+r/100)^t

9261=P(1+5/100)^3

9261=P*1.157

P=9261/1.16

P=7983rs.