What sum of money (In Rs. ) at compound interest will amount to Rs. 5305.53 in 3 years, if rate of i

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6.Interest

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What sum of money (In $Rs.$) at compound interest will amount to $Rs. 5305.53$ in $3$ years, if the rate of interest is $1 \%$ for the first year, $2 \%$ for second year and $3 \%$ for the third year?

A

$4800$

B

$5000$

C

$5200$

D

$5400$

Solution

According to formula

$A=P\left[1+\frac{R_{1}}{100}\right]\left[1+\frac{R_{2}}{100}\right]\left[1+\frac{R_{3}}{100}\right]$

$5305.53=P\left(1+\frac{1}{100}\right)\left(1+\frac{2}{100}\right)\left(1+\frac{3}{100}\right)$

$P=\frac{5305.53}{1.01 \times 1.02 \times 1.03}=$ Rs. 5000

Standard 13

Quantitative Aptitude

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