Question

What sum of money will amount to Rs.3704.40 in 3
years at 5% per annum compound interest?​

Answer 1

Answer:

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A = P ( 1 + r/100)n => ₹ 3704.40 = P( 1 + 5/100)³

₹ 370440/100 = P × 21/20 × 21/20 × 21/20

=> P = ₹ 37044/10 × 20/21 × 20/21 × 20/21

= ₹ 3200.

Answer 2

Answer:

Rs.3200

Step-by-step explanation:

Using A = P(1 + r/100) n , we get 3704.40 = P(1 + 5/100) 3 => 370440/100 = P ×21/20×21/20×21/20 Or, P = 370440/100×20/21×20/21×20/21= 3200 Hence, required sum of money = Rs3200.