Question

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
interests of third year and first year is 1,105, find the sum invested.​

Answer 1

Answer:

Step-by-step explanation:

Interest rate of 1st year

= 10%

Interest rate of 2nd year =11%

Interest rate of 3rd year =12.1

Interest rate increased by 10% every year

Let the sum is

ATQ

P×12.1/100 -P×10/100 =1105

P(2.1/100 ) =1105

P= 110500/2.1

P=52619.04 rupees