Question

What sum of money will amount to Rs 93,170 in 3yrs at 10% p.a compounded annually?

Answer 1

Answer:

2,79,510 as the formula is P×R×T/100

Answer 2

Answer:

Given :-

• A amount of Rs 93170 in 3 years at 10% p.a. compounded annually.

To Find :-

• What is the sum of money i.e, principal.

Formula Used :-

$\bigstar$ Amount Formula :

$\mapsto \sf\boxed{\bold{\pink{A =\: P\bigg(1 + \dfrac{r}{100}\bigg)^n}}}$

where,

• A = Amount
• P = Principal
• r = Rate of Interest
• n = Time Period

Solution :-

Let,

$\leadsto \bf Principal =\: Rs\: x$

Given :

• Amount = Rs 93170
• Rate of Interest = 10% p.a.
• Time Period = 3 years

According to the question by using the formula we get,

$\implies \sf 93170 =\: x\bigg(1 + \dfrac{10}{100}\bigg)^3$

$\implies \sf 93170 =\: x\bigg(\dfrac{11\cancel{0}}{10\cancel{0}}\bigg)^3$

$\implies \sf 93170 =\: x\bigg(\dfrac{11}{10}\bigg)^3$

$\implies \sf 93170 =\: x \times \dfrac{11}{10} \times \dfrac{11}{10} \times \dfrac{11}{10}$

$\implies \sf 93170 =\: x \times \dfrac{1331}{1000}$

$\implies \sf 93170 =\: \dfrac{1331x}{1000}$

By doing cross multiplication we get,

$\implies \sf 1331x =\: 93170(1000)$

$\implies \sf 1331x =\: 93170000$

$\implies \sf x =\: \dfrac{93170000}{1331}$

$\implies \sf x =\: \dfrac{70000}{1}$

$\implies \sf\bold{\red{x =\: Rs\: 70000}}$

$\therefore$ The sum of money or principal is Rs 70000.