A sum of money was invested for 3 yrs ,interest being compounded annually . The rates for successive yrs were 10%,15% and 18% respectively .If the compound interest for the second year amounted to 4,950, find the sum invested ?
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now suppose x sum of money invested. in the first year 10% interest that is. 0.1of x than total is 1.1x.now in second year 15 % rate which is given 4950 so 1.1x *0.15=4950 here x= 30000 so Answer is 30000.
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Invested cash = x,
C(1+r)^n
x(1.15)^1 - x = 4950
C(1+r)^n
x(1.15)^1 - x = 4950
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