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Question
Find the sum on which the compound interest for 3 years at 10% per annum amounts to Rs. 1,655.
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Solution
Given : C.I. = Rs. 1,655
n = 3 years
r = 10%
∴ A = `P (1 + r/100)^n`
⇒ A = `P(1 + 10/100)^3`
⇒ A = `P(11/10)^3`
⇒ A = `P(1331)/(1000)`
∴ A − P = C.I.
⇒ `((1331)/(1000)P) - P` = 1655
⇒ `(331)/(1000)`P = 1665
⇒ P = `(1,655 xx 1,000)/331`
= Rs. 5,000.
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