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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 |
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Answer» 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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