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

Step-by-step explanation:

To Calculate the interest: P[(1+r/100)^n-1], Where P = Principle(Sum invested), r = rate of interest and n= Time period. the difference between the interests of third year and first year is 1105. So, Rs 4783.55 is the sum invested