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Question
On a certain sum of money, invested at the rate of 10 percent per annum compounded annually, the interest for the first year plus the interest for the third year is Rs. 2,652. Find the sum.
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Solution
Let Principal = Rs.100
For 1st year
P = Rs. 100; R = 10 % and T = 1 year
Interest = Rs.`[100 xx 10 xx 1]/100` = Rs. 10
Amount = Rs. 100 + Rs. 10 = Rs. 110
For 2nd year
P = Rs. 110; R = 10 % and T = 1 year
Interest = Rs. `[110 xx 10 xx 1]/[100]` = Rs. 11
Amount = Rs. 110 + Rs. 11 = Rs. 121
For 3rd year
P = Rs. 121; R = 10 % and T = 1 year
Interest = Rs `[121 xx 10 xx 1]/[100]`= Rs. 12.10
Sum of C.I. for 1st year and 3rd year = Rs. 10 + Rs. 12.10 = Rs. 22.10
When sum is Rs. 22.10, principal is Rs. 100
When sum is Rs. 2,652, principal = Rs. `[100 xx 2652]/[22.10]`
= Rs. 12,000.
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