Question
Raghav placed an amount of Rs. 'x' in an account with an
annual compound interest rate of R%. After 3 years, the compounded annual amount is Rs.12167. Additionally, if Rs.7250 is invested at a simple interest rate of R% per annum, yielding Rs. 11600 after 4 years, determine the value of 'x'.Solution
ATQ, 7250 × (R/100) × 4 = 11600 – 7250 Or, R = 15 Therefore, X × [1 + R/100]3= 12167 Or, X × [1.15 × 1.15 × 1.15] = 12167 Or, X = 12167/(1.15 × 1.15 × 1.15) = 8000
Prescribed period of Limitation is:
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