A sum amounts to ₹8,028 in 3 years and to ₹12,042 in 6 years at a certain rate percent per annum, when the interest is compounded yearly. The sum is:
Formula for Amount when compound interest is applied
Amount= P $$\times (1 + \frac{r}{100})^n$$
where
P = Principal
r = Rate of Interest
n = Number of years
Let the Principal be Rs.x .
According to question ,
8,028 = x $$( 1 + \frac{r}{100} )^3$$ -------------- 1
12,042 = x $$( 1 + \frac{r}{100} )^6$$ --------------2
Dividing 2 by 1 , we get ,
1.5 = $$( 1 + \frac{r}{100} )^3$$
Using this value in 1 , we get ,
8,028 = x $$( 1 + \frac{r}{100} )^3$$
8,028 = x $$\times 1.5$$
x = 8028 /1.5 = 5352
So , the answer would be Option a) Rs 5352 .
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