Question : A sum of money amounts to Rs. 6655 at the rate of 10% compounded annually for 3 years. The sum of money is:
Option 1: Rs. 5000
Option 2: Rs. 5500
Option 3: Rs. 6000
Option 4: Rs. 6100
Correct Answer: Rs. 5000
Solution :
Given:
Amount = Rs. 6655
Rate of Interest = 10%
Time = 3 years
Formula used:
Amount = $P(1+\frac{R}{100})^{n}$ where n is the number of years.
Calculation:
$6655= P(1+\frac{10}{100})^{3}$
⇒ $6655= P(1.1)^{3}$
⇒ $6655=P\times 1.331$
⇒ $P= 5000$
Hence, the correct answer is Rs. 5000.
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