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

LET THE AMT=a
i.e. a+5296=a(110/100)(110/100)(110/100)
i.e. a+5296=1331a/1000
i.e. 1000a+5296000=1331a
i.e. 331a=5296000
i.e. a=5296000/331=16000

Answer 2

Answer:

Step-by-step explanation:

LET THE AMT=a

i.e. a+5296=a(110/100)(110/100)(110/100)

i.e. a+5296=1331a/1000

i.e. 1000a+5296000=1331a

i.e. 331a=5296000

i.e. a=5296000/331=16000