Question

What sum of money will amount to Rs.9261 in 3yrs at 5% per annum compound interest?​

Answer 1

Question:-

What sum of money will amount to Rs.9261 in 3yrs at 5% per annum compound interest?

Answer:-

Given:-

`\bullet` Amount (A) = Rs.9261

`\bullet` Time (n) = 3 yrs

`\bullet` Rate of interest (r) = 5%

To Find:-

Required Sum

Solution:-

We know the formula,

`{ \boxed{\rm \red {A \; = \: P(1 \: + (r)/(100))^n}}}`

`\therefore` Putting the values we get,

`\bf 9261 \: = \: P(1 \: + (5)/(100))³`

`\bf P \: = \: 9261 \: × ((20)/(21))³`

`\bf P \: = \:9261 \: × (20)/(21) × (20)/(21) × (20)/(21)`

`\bf P \: = \: Rs.8000`

`\therefore` Required Sum is Rs.8000. [Answer]