Question

To clear a loan taken by Gaurav for a period of 3 years at the rate of 10% per annum compounded annually he had to pay a sum of 66550 at the end of 3 years Find the sum of money borrowed by him

Answer 1

Answer:

Rs.55000

Step-by-step explanation:

Given,

sum=66550

time=3yr

rate=10%

66550= p( 100+10/100)^2

66550 × 10000/ 12100 = p

p = 55000

HE BORROWED Rs.55000

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