What sum of money will amount to Rs 9261 in 3 years at 5 pa compound interest

Book: Other Questions - Mathematics

Chapter: 8. Comparing Quantities

Subject: Maths - Class 8th

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27

What sum of money will amount to Rs 9261 in 3 years at 5% per annum compound interest?

Given,

A = 9261

R = 5%

n = 3

So, we apply directly formula which is,

P = Rs. 8000

More Exercise Questions

At what rate per annum will Rs. 9261 yield a compound interest of Rs. 2906 in 9 months interest being compounded quarterly?

1. 800/21%
2. 900/21%
3. 700/21%
4. 600/21%

Answer (Detailed Solution Below)

Option 1 : 800/21%

⇒ Compound Interest = Rs. 2906

⇒ Principal = Rs. 9261

⇒ Amount = Rs. (9261 + 2906) = Rs. 12167

⇒ Time = 9 months = 3 quarter

Let rate be r%

Compound interest being compounded quarterly,

⇒ 9261[1 + {r/(4 × 100)}]3 = 12167

⇒ 1 + (r/400) = (12167/9261)1/3

⇒ 1 + (r/400) = 23/21

⇒ r/400 = 2/21

∴ r = (800/21)%

Let's discuss the concepts related to Interest and Compound Interest. Explore more from Quantitative Aptitude here. Learn now!

Given

Amount (A) = Rs 9261

Rate of interest = 5% p.a.

Time (T) = 3 years

Principal (P) =?

A = P {1 + (r / 100)}t

9261 = P {1 + (5 / 100)}3

We get,

9261 = P (21 / 20)3

P = (9261 × 20 × 20 × 20) / (21 × 21 × 21)

On simplification, we get,

= Rs 8000

Therefore, the sum of money = Rs 8000

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