Question

what sum of money will amount to 9261 in 3 years at 5% per annum compound interest

Answer 1

Given R = 5% per annum ,n = 3 years, Amount = 9261 rupees.

We know that A = P(1 + r/100)^n

                        9261 = P(1 + 5/100)^3

                         9261 = P(21/20)^3

                        P = 9261 * 20/21 * 20/21 * 20/21

                           = 9261 * 20 * 20 * 20/21 * 21 * 21

                           = 9261 * 8000/9261

                           = 8000.


Therefore the sum of money = 8000 rupees.


Hope this helps!

Answer 2

Answer:

hope it helps you best regards to you