Question

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

Answer 1

Step-by-step explanation:

Time , n = 3 yrs Now , amount , A = P 1 + R 100 n ⇒ P + CI = P 1 + 5 100 3 ⇒ P + 2522 = P 21 20 3 ⇒ P + 2522 = P × 9261 8000 ⇒ P 1 - 9261 8000 = - 2522 ⇒ P 1261 8000 = 2522 ⇒ P = 16000 So , required sum is Rs 16000