Question
Diksha invested Rs. x in a scheme that offers compound
interest at a rate of 31.25% per annum, compounded annually. The difference between the amount she receives after 3 years and 2 years is Rs. 22,050. Determine the initial investment value, x.Solution
Given rate of interest = 31.25% = (5/16)
Amount received from compound interest = P X (1 + rate/100) time
So, amount received after 2 years = x X {1 + (5/16) }2 = Rs. {x X (21/16) 2}
Amount received after 3 years = x X {1 + (5/16) }3 = Rs. {x X (21/16) 3}
ATQ,
{x X (21/16) 3} - {x X (21/16) 2} = 22050
Or, x X (21/16) 2 X (21 - 16) = 22050 X 16
Or, x = 22050 X (16/5) X (256/441)
So, 'x' = 40,960
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