18. Roshanara deposited a certain amount with a leasing company at the rate of interest
of 20% compounded annually. At the end of 3 years, he received back
21,600. Find the amount deposited.
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18. Roshanara deposited a certain amount with a leasing company at the rate of interest
of 20% compounded annually. At the end of 3 years, he received back
21,600. Find the amount deposited.
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Solution:
Amount at the end = ₹ 21600
Interest = 20% pa
Time = 3 years
Define P:
Let the amount deposited be P
Solve P:
21600 = P(1 + 0.2)³
21600 = P(1.2)³
21600 = 1.728P
P = 21600 ÷ 1.728
P = ₹ 12500
Answer: The amount deposited is ₹ 12500
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