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1. What sum will become 31331 after 3 years at 10% p.a. compound interest?​

Answer»

Step-by-step EXPLANATION:

GIVEN :-

A sum will become 31331 after 3 years at 10% p.a. compound interest

To find:-

Find the sum ?

Solution :-

Let the sum be Rs. X

Amount = Rs. 31331

Time = 3 years

Number of times the compound interest is CALCULATED for 3 years = 3

we know that

Amount = P[1+(R/100)]^n

On Substituting these values in the above formula then

=> 31331 = X[1+(10/100)]³

=> 31331 = X[1+(1/10)]³

=> 31331 = X[(10+1)/10]³

=> 31331 = X(11/10)³

=> 31331 = X(11×11×11)/10×10×10)

=> 31331 = X(1331/1000)

=> 31331 = 1331X/1000

=> 1331X = 31331 × 1000

=> 1331X = 31331000

=> X = 31331000/1331

=> X = 23,539.44

The sum = Rs. 23,539.44

Answer:-

The sum for the given problem is Rs. 23,539.44

Used formulae:-

  • Amount = P[1+(R/100)]^n
  • P = Principle
  • R = Rate of Interest
  • n = Number of times the compound interest is calculated per annum


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