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A sum of money amounts to Rs. 6655 at the rate of 10% compounded annually for 3 years. The sum of money is
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- Rs. 5000
- Rs. 5500
- Rs. 6000
- Rs. 6100
Let the principal be Rs. P.Here , Amount ( A ) = Rs. 6655 , P = ? , Rate = 10% , Time = 3 years Using the given formula , we have
A = P | 1 + | R | T | ||
100 |
⇒ 6655 = P | 1 + | 10 | 3 | ||
100 |
⇒ 6655 = P | 1 + | 1 | 3 | ||
10 |
⇒ 6655 = P | 11 | 3 | ||
10 |
⇒ P = | 6655 × 10 × 10 × 10 | = Rs. 5000 |
11 × 11 × 11 |
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