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Question
On what sum of money will the compound interest for `2 1/2` years at 12% per annum amount to Rs 8,241.60?
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Solution
P =x ; t = `2 1/2` years ; r = 12 % ; A=Rs (x + 8,241.60)
`"A" = "P" (1 + "r"/100)^"n"`
Rs (x + 8,241.60)= x `(1 + 12/100)^2 (1 + 12/100)^(1/2)`
Rs (x + 8,241.60) =x × 1.12 × 1.12 × `(1+1/2 xx 12/100)`
Rs (x + 8,241.60) =x x 1.12 x 1.12 x 1.06
Rs (x + 8,241.60) = 1.329664 x
0.329664 x = Rs 8,241.60
x = Rs 25,000
On Rs 25,000 the C.I. for `2 1/2 `. years at 12 % will be Rs 8241.60.
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