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
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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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