Question

On what sum will the compound interest at 7.5% per annum for 3 years compounded annually be 3101.40 ?
Answer = ₹12800
pls explain with process​

Answer 1

Answer:

The answer is correct. Please see the explanation.

Step-by-step explanation:

P = initial amount in Rs. = ?

R = rate of interest per cent per year = 7.5

T = time period in years = 3

A = final amount at the end of period T

CI = compound interest earned

According to the compound interest formula,

A = P(1 + R/100)^T

Now,

A = P + CI

=> CI = A - P

We are given that CI = 3101.40

=> A - P = 3101.40

=> P(1 + R/100)^T - P = 3101.40

=> P( 1 + 7.5/100)^3 - P = 3101.40

=> P(1 + 0.075)^3 - P = 3101.40

=> P(1.242297) - P = 3101.40

=> (1.242297 - 1)P = 3101.40

=> 0.242297*P = 3101.40

=> P = 3101.40/0.242297

=> P = 12800

The initial amount (sum) is Rs.12,800

Hope this helps. This sum will need a calculator!

Answer 2

Answer:

12800 is the answer of tis question