a certain sum of money is invested @ 10% per annum compounded interest the interest compounded annually if the distance between the interest of 3rd year and 1st year is rupees 1105 find the sum invested
Answers
Answer:
sum invested is Rs 4783.55 .
Formula
As
Amount = Principle + Interest
Thus
Where P is the principle , r is the rate of interest and t is the timein years .
As given
A certain sum of money is invested at the rate of 10% per annum compound interest ,the interest compounded annually.
If the difference between the interest of third year and first year is Rs.1105 .
Thus
1105 = Interest compounded in three years - Interest compounded in 1 years
1105 = 0.231P
P = Rs 4783.55 (Approx)
Therefore the sum invested is Rs 4783.55 .
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