A sum of money amounts to Rs. 7719.8 at the rate of 10% compounded annually for 3 years. The sum of money is

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A sum of money amounts to Rs. 7719.8 at the rate of 10% compounded annually for 3 years. The sum of money is

Asked on 2019-07-07 21:51:26 by Guest | Votes 0 | Views: 60 | Tags: interest | simple interest | quantitative aptitude | Add Bounty

A sum of money amounts to Rs. 7719.8 at the rate of 10% compounded annually for 3 years. The sum of money is

1). Rs. 5680
2). Rs. 5860
3). Rs. 5780
4). Rs. 5800

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Answered by Guest on 2019-07-08 00:16:09 | Votes 0 | #

Let the sum of money be Rs. x.

We know that,

Amount compounded in ‘n’ years = P × [1 + (R/100)]ⁿ

Where, P = Principle Amount, R = Rate of interest

Rs. x amounts to Rs. 7719.8 the rate of 10% compounded annually for 3 years.

⇒ 7719.8 = x × [1 + (10/100)]³

⇒ 7719.8 = x × 1.1³

⇒ x = 7719.8/1.1³ = Rs. 5800

∴ The sum of money = Rs. 5800

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