Mr Sharma borrowed a certain a certain sum of money at 10% per annum compounded annually if 19360 at the end of the second year and 31944 at the end of the third year he clears the debt find the sum borrowed by him
Answers
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Mr Sharma borrowed 40000
Step-by-step explanation:
Let say Mr. Sharma borrowed = P
Amount with interest after 2 Years
= P (1 + 10/100)²
= 1.21P
19360 at the end of the second year is paid off
Amount remain after 2nd Year
= 1.21P - 19360
Amount after 3 Years = (1.21P - 19360) (1 + 10/100)¹
= (1.21P - 19360)* 1.1
Debt cleared off with 31944
=> (1.21P - 19360)* 1.1 = 31944
=> 1.21P - 19360 = 29040
=> 1.21P = 48400
=> P = 40000
Mr Sharma borrowed 40000
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