A sum of money amounts to ₹ 6655 at rate of 10 % compounded annually for 3 years. sum of money is

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6.Interest

medium

A sum of money amounts to ₹ $6655$ at the rate of $10 \%$ compounded annually for $3$ years. The sum of money is (In ₹)

$5000$

$5500$

$6000$

$6100$

Solution

(a) Amount $=6655, n=3, r=10 \%$

$\begin{aligned} A &=P\left[1+\frac{r}{100}\right]^{n} \\ 6655 &=P\left[1+\frac{10}{100}\right]^{3} \\ 6655 &=1.331(P) \\ P &=5000 \text { Rs. } \end{aligned}$

Standard 13

Quantitative Aptitude

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Solution

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