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Question

A sum of money, invested at compound interest, amounts to Rs. 16,500 in 1 year and to Rs. 19,965 in 3 years.

Find the rate per cent and the original sum of money invested.


Solution

Amount(1) = 16500
Amount(3)= 19965.
Formula-
Amount(1) = P(1+r100)n
n=   no. of years
16500=P(1+r100)1

19965=P(1+r100)3

On dividing  them we have 
1996516500=P(1+r100)3P(1+r100)1
[P gets cancelled]

1996516500=(1+r100)2

121100=(1+r100)2

1110=1+r100

111010=r100

110×100=r 

R= 10%

Therefore, original sum = 15000
 

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