Question

Find the sum of money which become rs.6655 in 3 years at a compound interest rate 10%.

Answer 1

The sum of money will be Rs 5000

Step-by-step explanation:

Amount, A = Rs 6655

Time, t = 3 years

Rate, r = 10% PA

Let sum be P

$A=P(1+r)^t$

$6655=P(1+0.10)^3$

$P=\dfrac{6655}{1.1^3}$

$P=5000$

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