Question

6. A sum of money is invested for 3 years at 5% p.a. compound interest reckoned annually. If
. the
total interest earned be Rs 2,522 then find the sum of money.​

Answer 1

Answer:

HOW TO SOLVE?

$compound \: interest \: \\ = p( 1 + \frac{r}{100} ) {}^{n} - p$

Where,

P is principle

r is rate of interset

n is time

$p(1 + \frac{5}{100} ) {}^{3} - p = 2522 \: rs. \\ p( \frac{105}{100} ) {}^{3} - p = 2522 \: rs. \\ p( \frac{21}{20} ) {}^{3} - p = 2522 \: rs. \\ p( \frac{9261}{8000} ) - p = 2522 \: rs. \\ \frac{9261p}{8000} - p = 2522 \: rs. \\ \frac{9261p - 8000p}{8000} = 2522 \: rs. \\ \frac{1260p}{8000} = 2522 \: rs. \\ p = 2522 \: rs. \times \frac{8000}{1260} = 16012.69 \: rs.$

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