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Question

A certain sum of money is invested at the rate of 10% per annum compound interest , the interest compounded annually . If the difference between the interests of third year and first year is Rs. 1,105, find the sum invested.

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Solution

Rate of interest=10%
Difference between interest of 3rd and 1st year is Rs.1105
i.e.,P(1+10100)3P(1+10100)=Rs.1105
P[(1110)31110]=1105P[133110001110]=1105P×[133111001000]=1105P×2311000=1105P=1105×1000231=Rs.4783.5

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