A certain sum amounts to ₹4,205.55 at 15% p.a. in $$2\frac{2}{5}$$ years, interest compounded yearly. The sum is:
Amount = p(1 + $$\frac{r}{100})^t$$
t = $$2\frac{2}{5}$$ = 2 + $$\frac{2}{5}$$ years
Rate for 2 years = 15
Rate for 2/5 years = 15 $$\times \frac{2}{5} = 6$$%
4205.55 = p(1 + $$\frac{15}{100})^2(1 + \frac{6}{100})$$
4205.55 = p $$\times \frac{115}{100} \times \frac{115}{100} \times \frac{106}{100}$$
P = Rs. 3000
The sum is Rs. 3000.
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