Question
The certain sum amounts to Rs 9,982.50 in 2(1/2) years
at 12% p.a., interest compounded 10-monthly. The sum (in Rs) is:Solution
2 (1/2) years = 30 months [As 1 year = 12 months] So, t = 30/10 = 3 r = (12/12) × 10 = 10% Let the sum be Rs. P Now, 9982.5 = P(1 + 10/100)3 ⇒ 9982.5 = P(1 + 1/10)3 ⇒ 9982.5 = P(11/10)3 ⇒ 9982.5 = 1331P/1000 ⇒ P = 9982.5 × (1000/1331) ⇒ P = 7500 So, sum = Rs. 7500 ∴ The sum (in Rs.) is Rs 7500.
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