10. A sum amounts to 3 4720 in 6 years at 3% per month. Find the sum.
plz explain with proper steps and try to give the right answer
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10. A sum amounts to 3 4720 in 6 years at 3% per month. Find the sum.
plz explain with proper steps and try to give the right answer
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Verified answer
Explanation,
Given,
To Find,
Solution,
We know that,
A = P(1 + R/100)^t
[ Put the values ]
⟹ 34720 = P(1 + 3/100)^6
⟹ 34720 = P(103/100)^6
⟹ 34720 = P × 103/100 × 103/100 × 103/100 × 103/100 × 103/100 × 103/100
⟹ 34720 = P × 1.03 × 1.03 × 1.03 × 1.03 × 1.03 × 1.03
⟹ 34720 = P × 1.19405
⟹ P = 34720/1.19405
⟹ P = Rs. 29077.5
Therefore,
Sum = Rs. 29077.5
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Given :
• Amount (A) = Rs. 34720
• Time (t) = Rs. 6 years
• Rate of interest (R) = 3 %
To Find,
• Sum.
Solution,
We know that,
A = P(1+ R/100)^t
[ Put the values ]
34720 = P(1 + 3/100)^6
- 34720 = P(103/100)^6
34720 = P x 103/100 x 103/100 x 103/100 ×
103/100 x 103/100 x 103/100
34720 = P x 1.03 x 1.03 x 1.03 x 1.03 x 1.03 x
1.03
34720 = P x 1.19405
P= 34720/1.19405
P = Rs. 29077.5
Therefore,
Sum = Rs. 29077.5