A person borrows some money in such a way that at the end of the first year he repays 3150 rupees at the end of the second year 4410 Compound interest rate 5% but how much money did he borrow?
plz explan
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Description for Correct answer:
Rate of Interest is 5 %.
5%=1→Interest20→Originalvalue
1st year 20 21
2nd year 400 441
After first year he return Rs. 3150
So,21 units = 3150
1 unit = 150
20 unit = 150×20= Rs. 3000
Same as for 2nd year
441 units = 4410
1 unit = 10
40 units = 10×400 = Rs.4000
Total sum is = 3000+4000
= Rs. 7000
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