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Question

A sum of money amounts to Rs.11910.16 in 112 years at 12% per annum interest being compounded semi annually. Find the sum.

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Solution

Let the total amount be A=Rs.11910.16 and sum be Rs. P
Rate of interest R=12%
Time, t=112 years for semi-annually or 3 years for R=122=6%
As we know that A=P(1+R100)3
11910.16=P(1+6100)3
11910.16=P(1+350)3
11910.16=P(5350)3
P=11910.16(5053)3
P=Rs. 10,000


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