Question

Mr. Madhav borrows some money at 10% for 3 years and pays Rs.662 as compound interest. Find the sum borrowed by him

Answer 1

Step-by-step explanation:

let the sum be rs.P

r=10%pa

t=3y

ci=662

a=ci+P

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

ci+P=P(110/100)^3

662+P=P*1.331

662=1.331P-P

662=0.331P

662*1000=331P

662*1000/331=P

P=rs.2000

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Answer 2

Answer:

Required sum of money borrowed by Mr. Madhav is 2000 rupees.

Step-by-step explanation:

Given,Mr. Madhav borrows some money at 10% for 3 years and pays Rs.662 as compound interest.

So,rate of interest $= 10\%$

time $= 3 \: years$

Compound interest $= 662 \: rupees$

Here we want to find principal.

We know, Compound interest $= p {(1 + \frac{r}{100}) }^{t} - p$

Where p is principal,r is rate of interest and t is time.

Here,

$r = 10\% \\ t = 3 \: years$

According to question,

$p {(1 + \frac{10}{100}) }^{3} - p = 662 \\ p \times ( { \frac{11}{10} })^{3} - p= 662 \\ \frac{1331p}{1000} - p = 662 \\ \frac{331p}{1000} = 662 \\ p = 662 \times \frac{1000}{331} \\ p = 2 \times 1000 \\ p = 2000$

Therefore required sum of money borrowed by Mr. Madhav is 2000 rupees.

Know more about Compound interest,

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2)https://brainly.in/question/11735147

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