Question 59
A certain sum invested on compound interest (compounded annually) grows to Rs. 5040 in three years. If the rate of interest is 20% for the first year, 40% for the second, and 50% for the third year, then what is the sum?
Solution
Sum = $$P(1+\frac{R1}{100})(1+\frac{R2}{100})(1+\frac{R3}{100})$$
5040 = $$P(1+\frac{20}{100})(1+\frac{40}{100})(1+\frac{50}{100})$$
$$P\times\ 1.2\times\ 1.4\times\ 1.5 = 5040$$
= 2000
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