Question

Find the sum on which the compound interest
for 3 years at 10% per annum amounts to
1,655.
​

Answer 1

Let the sum of money required be ₹P

r=10% p.a

T=3 yrs

n=3

C.I=₹1655

Amount =₹(P+1655)

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

P+1655=P(1+10/100)^3

P+1655=P×(110/100)^3

P+1655=P×(1331/1000)

P+1655=1331/1000P

1331/1000P-P=1655

331/1000P=1655

therefore,

P=(1655×1000)/331

P=₹5000

Therefore,the sum of money =₹5000

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Answer 2

Given:

C.I. = ₹1,655

n = 3 years

r = 10%

We know that:

A = P(1 + r/100)n

Solution:

A = P(1 + r/100)n

= P(1 + 10/100)3

= P(11/10)3

= 1331P/ 1000

So:

C.I. = A – P

1655 = 1331P/ 1000 – P

1655 = 331P/ 1000

P = (1655 x 1000)/ 331

= 5000

Therefore, the initial sum is ₹5,000 Ans