Question

If The compound interest on a certain sum of money for 3 years at 20% per annum is ₹728, what shall be the sum invested?​

Answer 1

Hope it will help you....

Answer 2

SOLUTION

GIVEN

The compound interest on a certain sum of money for 3 years at 20% per annum is ₹728,

TO DETERMINE

The sum invested

EVALUATION

Let sum invested = ₹ P

Time = n = 3 years

Rate of interest = r % = 20%

Compound interest = ₹ 728

So by the given condition

$\displaystyle \sf{P { \bigg( 1 + \frac{r}{100} \bigg)}^{3} - P = 728 }$

$\displaystyle \sf{ \implies \: P { \bigg( 1 + \frac{20}{100} \bigg)}^{3} - P = 728 }$

$\displaystyle \sf{ \implies \: P \times { ( 1.2)}^{3} - P = 728 }$

$\displaystyle \sf{ \implies \: 1.728P - P = 728 }$

$\displaystyle \sf{ \implies \: 0.728P = 728 }$

$\displaystyle \sf{ \implies \: P = \frac{728}{0.728} }$

$\displaystyle \sf{ \implies \: P = 1000 }$

Hence invested amount = ₹ 1000

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