Question

A Sum of money is invested for 3 years at a rate of 10% interest compounded annually. If the sum of money grows by Rs.5296 then find the sum of money invested.

Answer 1

Amount fromC.I.=P(1+r/100)^t
x+5296=x(1+10/100)^3
=x(11/10)³
x+5296=1331x/1000
1000x+5296000=1331x
5296000=331x
x=5296000/331=16000

Answer 2

Step-by-step explanation:

Given,

P = x

A = x + 5296

R = 10 %

N = 3 years

A = P(1+r/100)^n

x+5296 = x(1+10/100)³

x+5296 = 1331x/1000

1331x = (x+5296) × 1000

1331x = 1000x + 5296000

1331x - 1000x = 5296000

331x = 5296000

x = 5296000/331

x = ₹ 16000