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Question
Find the sum on which the compound interest for 3 years at 10% per annum amounts to Rs. 1,655.
Solution
Given : C.I. = Rs. 1,655; n = 3 years and r = 10%
∴ A = `"P"( 1 + r/100)^n`
⇒ A = `"P"( 1 + 10/100)^3`
⇒ A = `"P"(11/10)^3 = (1,331)/(1,000)`P
∴ A - P = C.I.
⇒ `(1,331)/(1,000)`P - P = Rs. 1,655
⇒ `(331)/(1,000)`P = Rs. 1,665
⇒ P = Rs. `(1,655 xx 1,000)/331` = Rs. 5,000.
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