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Question
The sum which amounts to ₹ 2662 at 10% p.a in 3 years, compounded yearly is _________
Options
₹ 2000
₹ 1800
₹ 1500
₹ 2500
Solution
₹ 2000
Explanation;
Hint:
Amount = ₹ 2662
Rate of interest = 10% p.a
Time period = 3 years ...[Compounded yearly]
Principal (P) → required to find?
Applying formula A = `"P"(1 + "r"/100)^"n"`
2662 = `"P"(1 + 10/100)^3`
= `"P"((100 + 10)/100)^3`
2662 = `"P"(110/100)^3`
2662 = `"P"(11/10)^3`
∴ P = `(2662 xx 10 xx 10 xx 10)/(11 xx 11 xx 11)`
= 2 × 10 × 10 × 10
= ₹ 2000
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