find the sum on which the compound interest for 3 years at 10% per annum amounts to rupees 1655
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Answer:
the principal or the sum is ₹ 5000
Step-by-step explanation:
let amount be ₹ x
time = 3yrs
total interest at the end of 3 yrs is 1655
rate= 10%
from the formulae I = P*{1+(r/100)}ⁿ-P
1655 = P*{1+(10/100)}³ - P
1655 = P*(1+1/10)³ - P
1655= P*(11/10)³ - P
1655 = P * 1331/1000 - P
1655 = (P*1331 - 1000*P)/1000
1655*1000 = 331 *P
P = 1655000/331
P = ₹ 5000
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