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A sum of money is invested for 3 years at 5% per annum compound interest reckoned annually if the total interest earned be 2522 then find the sum of money |
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Answer» Answer: RS 22781.25 Step-by-step explanation: Given: P = Rs 16000 R = 12.5 % p.a n = 3 years We KNOW that amount A at the end of n years at the rate R% per annum when the interest is compounded ANNUALLY is given by A = P(1+\frac{R}{100})^{n} A = 16000(1+\frac{12.5}{100})^{3} A = 16000(1.125)^{3} A = 22781.25 Thus, the required amount is Rs 22781.25 |
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