Question
Priya invests a sum of money at an annual compound
interest rate of 27%. After 1 year, the interest accumulated is Rs. 810. If she increases her initial investment by Rs. 1000, what will be the total amount after 1 year at the same interest rate?Solution
ATQ, Let the original principal be P. Rate = 27% per annum = 27/100 per year Time = 1 year For 1 year, compound interest is: Interest = P × (27/100) Given interest = 810, so: P × (27/100) = 810 ⇒ P = 810 × (100/27) ⇒ P = (810/27) × 100 ⇒ P = 30 × 100 ⇒ P = 3000 If she increases her initial investment by Rs. 1000: New principal = P + 1000 = 3000 + 1000 = 4000 Amount after 1 year at 27% compound interest: Amount = New principal × (1 + 27/100) = 4000 × (127/100) = (4000 × 127) / 100 = 508000 / 100 = 5080
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