Question

If a sum of money amounts to 5500 at 1 year at a rate compounded annually and the sum with same rate for 3 years amounts to 6655 compounded annually find the rate and principle amount.

Answer 1

question:-

What sum of money will amount to rupees 6655 10% per annum compounded annually in 3 years?

Answer:-

41. A sum of money amounts to Rs 6,655/- at the rate of 10% compounded annually for 3 years. The sum of money is: rs. 5000

Answer 2

Answer:

Step-by-step explanation:

Let the principal be Rs. P.

Here , Amount ( A ) = Rs. 6655 , P = ? , Rate = 10% , Time = 3 years

Using the given formula , we have

A = P  1 +  

R

T

100

⇒ 6655 = P  1 +  

10

3

100

⇒ 6655 = P  1 +  

1

3

10

⇒ 6655 = P  

11

3

10

⇒  P =  

6655 × 10 × 10 × 10

= Rs. 5000

11 × 11 × 11