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.
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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
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