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What sum of money becomes Rs 9261 in 3 years at 5 % per annum, compounded annually ?

Solution:
Your problem `->` What sum of money becomes Rs 9261 in 3 years at 5 % per annum, compounded annually ?


Here `A = "Rs." 9261, R = 5%, N = 3` years

`A = P (1 + R/100)^N`

`9261 = P ( 1 + 5 / 100 ) ^ 3`

`9261 = P ( 105 / 100 ) ^ 3`

`9261 * ( 100 / 105 ) ^ 3 = P`

`P = 8000`

`:.` The sum is `8000`.






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