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Question
What sum of money will amount to Rs 9,447.84 in 3 years at 8% p.a. compound interest?
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Solution
Here P = x; A= Rs 9, 447 .84; t = 3 years; r = 8 % p.a
`therefore "A" = "P" (1 + "r"/100)^"n"`
`=>"Rs" 9447.84 = "x"(1 + 8/100)^3`
`=> "Rs" 9447.84 = "x" (108/100)^3 `
`=> "Rs" 9447.84 = "x" xx 27/25 xx 27/25 xx 27/25`
`=> "Rs" 9447.84 = "x" xx 19683/15625`
`=> "x" = "Rs" (9447.84 xx 15625)/19683`
`=> "x" = "Rs" 7500`
The sum of money will be Rs 7,500.
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