Question

Find the sum on which the compound interest for 3 years at 10% per annum amounts to Rs. 1,655.

Answer 1

Given : C.I.= Rs1,655; n= 3years and r = 10%

C.I = A - P

C.I= $P(1+\frac{R}{100}{)}^n$ - $P$

1655 = $P(1+\frac{10}{100}{)}^3$ -$P$

1655 = $P(1+\frac{10}{100}{)}^3$ -$P$

1655 = $P({1.1}^3$) -$P$

1655 = 1.331$P$ - $P$

1655 = 0.331 $P$

$P$ = 5000

Therefore, the sum is Rs 5000.