A chit fund organization gives an interest of 12% which is compounded

1.	A chit fund organization gives an interest of 12% which is compounded annually. Adolf got an amount of Rs. 9,408 after 2 years including his deposits. What was the amount deposited by Adolf?1). Rs. 7,6002). Rs. 7,4103). Rs. 7,2504). Rs. 7,450
Answer» LET the amount deposited by Adolf be Rs. x. We know the formula for compound interest:- $(\Rightarrow {\bf{CI}} = \left[ {{\bf{P}}\left\{ {{{\left( {1 + \frac{{\bf{R}}}{{100}}} \right)}^t} - 1} \right\}} \right])$ Where, CI = Compound interest P = PRINCIPAL R = Rate of interest t = Time period (? Interest = Amount – Principal) $(\Rightarrow {\rm{\;}}9408 - {\rm{x}} = {\rm{}}\left[ {{\rm{x}}\left\{ {{{\left( {1{\rm{}} + {\rm{}}\frac{{12}}{{100}}} \right)}^2} - 1} \right\}} \right])$ ⇒ x(1.2544-1) = 0.2544x ⇒ 9408 = 0.2544x + x ⇒ x = 9408/1.2544 = Rs. 7,500 ∴ Amount deposited by Adolf = Rs. 7,500

A chit fund organization gives an interest of 12% which is compounded annually. Adolf got an amount of Rs. 9,408 after 2 years including his deposits. What was the amount deposited by Adolf?1). Rs. 7,6002). Rs. 7,4103). Rs. 7,2504). Rs. 7,450

Answer»

LET the amount deposited by Adolf be Rs. x.

We know the formula for compound interest:-

$(\Rightarrow {\bf{CI}} = \left[ {{\bf{P}}\left\{ {{{\left( {1 + \frac{{\bf{R}}}{{100}}} \right)}^t} - 1} \right\}} \right])$

Where,

CI = Compound interest

P = PRINCIPAL

R = Rate of interest

t = Time period

(? Interest = Amount – Principal)

$(\Rightarrow {\rm{\;}}9408 - {\rm{x}} = {\rm{}}\left[ {{\rm{x}}\left\{ {{{\left( {1{\rm{}} + {\rm{}}\frac{{12}}{{100}}} \right)}^2} - 1} \right\}} \right])$

⇒ x(1.2544-1) = 0.2544x

⇒ 9408 = 0.2544x + x

⇒ x = 9408/1.2544 = Rs. 7,500

∴ Amount deposited by Adolf = Rs. 7,500

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