What sum of money will amount to Rs 21296 in 3 years at 10% Show
Question: What sum of money will amount to Rs 21296 in 3 years at 10% per annum, compounded annually? Solution: Let $P$ be the sum. Rate of interest, $R=10 \%$ Time, $n=3$ years Now, $A=P \times\left(1+\frac{10}{100}\right)^{3}$ $=$ Rs. $P \times\left(\frac{100+10}{100}\right)^{3}$ $=$ Rs. $P \times\left(\frac{110}{100}\right)^{3}$ $=$ Rs. $P \times\left(\frac{11}{10} \times \frac{11}{10} \times \frac{11}{10}\right)$ $=$ Rs. $\frac{1331 P}{1000}$ However, amount $=$ Rs. 21296 Now, Rs. $21296=$ Rs. $\frac{1331 P}{1000}$ $\Rightarrow$ Rs. $\left(\frac{21296 \times 1000}{133}\right)=P$ $\therefore P=$ Rs. 16000 Hence, the required sum is Rs. 16000 . Related questionsWelcome to Sarthaks eConnect: A unique platform where students can interact with teachers/experts/students to get solutions to their queries. Students (upto class 10+2) preparing for All Government Exams, CBSE Board Exam, ICSE Board Exam, State Board Exam, JEE (Mains+Advance) and NEET can ask questions from any subject and get quick answers by subject teachers/ experts/mentors/students. Categories
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What sum of money will amount to Rs 9621 in 3 years at 5% pa compound interest?9261,n=3yearsR=5%A=P(1+(R100))n⇒Rs. 9261=P(1+5100)3⇒Rs. 9261=P(2120)3⇒P=Rs. 9261×(2021)3⇒P=Rs.
In what time will Rs 1800 amount to Rs 2178 at 10% per annum compounded annually?⇒t=2 years.
How do you find the sum of compound interest?How to Calculate Compound Interest? The formula used to calculate compound interest is CI = P( 1 + r/100)n - P. Here in this formula the amount is calculated and then the principal is subtracted from it, to obtain the compound interest value.
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