Question

On what sum will the compound interest at 15/2% per annum for 3 years compounded annually be ruppees 3101.40.

Answer 1

Heya friend,

______________________________

Given that

C.I. = ₹3,101.40

R = 15/2%p.a.

T = 3 years

Solution

C.I. = P{(1+R/100)^n - 1}

=> 3,101.40 = P{(1+15/2×100)^3 - 1}

=> 3,10,140/100 = P{(1+15/200)^3 - 1}

=> 15,507/5 = P{(1+3/40)^3 - 1}

=> 15,507/5 = P{(40+3/40)^3 - 1}

=> 15,507/5 = P{(43/40)^3 - 1}

=> 15,507/5 = P{79,507/64,000 - 1}

=> 15,507/5 = P{79,507 - 64,000/64,000}

=> 15,507/5 = 15,507 P/64,000

=> P = 15,507 × 64,000/5 × 15,507

=> P = ₹12,800

Hence, the sum is ₹12,800.





Thanks

With regards@

Tanisha