1.

On a certain sum of money, a man paid an interest of Rs. 5044 after 3 years at a rate of 5% per annum compounded annually. Find the sum.1). Rs. 420002). Rs. 580003). Rs. 311004). Rs. 32000

Answer»

LET the SUM be Rs. ‘P’

Compound interest = AMOUNT – Sum

⇒ 5044 = P(1 + 5/100)3 – P

⇒ 5044 = P[(21/20)3 – 1]

⇒ 5044 = P(9261 – 8000]/8000

⇒ P = 5044 × 8000/1261

⇒ P = 32000

∴ The sum is Rs. 32000


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