What sum will amount (In ₹) to ₹ 15916.59 in 3 years at compound interest, interest for first, s

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6.Interest

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What sum will amount (In ₹) to ₹ $15916.59$ in $3$ years at compound interest, the interest for first, second and third year being $3,2$ and $1$ per cent, respectively?

A

$18000$

B

$12000$

C

$15000$

D

None of these

Solution

(c) Let, ₹ $P$ be the required sum.

Then, $15916.59=P\left(1+\frac{3}{100}\right)\left(1+\frac{2}{100}\right)\left(1+\frac{1}{100}\right)$

$=P\left(\frac{103}{100} \times \frac{102}{100} \times \frac{101}{100}\right)$

$P=\frac{1591659 \times 100 \times 100}{103 \times 102 \times 101}$

$=₹ 15000$

Standard 13

Quantitative Aptitude

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