Question
Ajay invested a sum of money, represented as Rs. 'x', in
a financial plan that yields a 10% annual compound interest. After three years, the total interest accrued amounted to Rs. 3,641. Determine the initial amount 'x' that Ajay invested.Solution
Interest earned by Ajay = x × {(1 + 0.10)3 – 1} = 3641 x{(1.1)3 – 1} = 3641 0.331x = 3641 x = 11000 So, the value of x is Rs. 11,000 Hence, option c.
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