Question

a person borrowed a sum of rupees X every year for 3 years at 10% compound interest interest compounded annually. if at the end of 3 yrs the total amount he had to pay was 36410 then what is value of x.​

Answer 1

Answer:

X = Rs. 27355

Solution:

Given, sum = X,

time (t) = 3 years and

rate (r) = 10%

If P be the amount to be paid after 3 years on the sum X in a compound interest of rate 10% per annum, we have

P = X (1 + r/100)ᵗ

or, P = X (1 + 10/100)³

or, P = X (1 + 1/10)³

or, P = X (11/10)³

or, X = P (10/11)³

Here given P = Rs. 36410

Then X = Rs. 36410 (10/11)³

≈ Rs. 27355