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Question
What sum of money will amount to Rs 16,637.50 in 3 years at 10 % p.a. compound interest?
Solution
Here P = x; A= Rs 16, 637.50 ; t = 3 years ; r = 10 % p.a
`therefore "A" = "P" (1 + "r"/100)^"n"`
`=> "Rs" 16637.50 = "x" (1 + 10/100)^3`
`=> "Rs" 16637.50 = "x" (11/10)^3`
`=> "Rs" 16637.50 = "x" xx 11/10 xx 11/10 xx 11/10`
`=> "Rs" 16637.50 = "x" xx 1331/1000`
`=> "x" = "Rs" (16637.50 xx 1000)/1331`
`=> "x" = "Rs" 12500`
The sum of money will be Rs 12,500.
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