Sonia deposited certain amount in bank to earn interest of 6%per annum. for 3years .she recieved Rd 16384from bank after 3 years. find sum deposited
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Considering the rate of interest payable by the bank is on compound interest.
Let the sum deposited be denoted as Rs. “P”.
Rate of interest, R = 6 % p.a.
Time, n = 3 years
Amount received after 3 years, A = Rs. 16384
The formula for Compound Interest is given as,
A = P [1 + R/100]ⁿ
Substituting the above-given values in the formula
16384 = P [1 + 6/100]³
⇒ 16384 = P [1 + 0.06]³
⇒ 16384 = P [1.06]³
⇒ P = 16384/1.191
⇒ P = Rs. 13756.5
Thus, the sum deposited is Rs. 13756.5.
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