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Question

Compound interest for a certain sum of money for two years at 10 % per annum is ₹315. Find the initial amount. 
  1. ₹ 1500
  2. ₹ 1000
  3. ₹ 1500
  4. ₹ 1200


Solution

The correct option is C ₹ 1500

Given: I = ₹315 ; r = 10 % and n = 2 years

Let the Sum of the money be P 

 A =  P(1+r100)2

I = A - P 

Hence I=P(1+r100)2P315=P(1+r100)2P315=P(1+10100)2P315=P(1110)2P315=121P100P315=P(1211001)315=21P100

           P=315×10021=105×1007=1500

Therefore, the initial amount = ₹ 1500

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