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A sum was invested for 3 years as per compound interest and the rate of interest for first year is 9% second year is 6% and third year is 3% per annum respectively find the sum is the amount in 3 years is rupees 550?
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A sum was invested for 3 years as per compound interest and the rate o...
Solution:

Given,
Amount in 3 years = Rs. 550
Rate of interest for the first year = 9%
Rate of interest for the second year = 6%
Rate of interest for the third year = 3%

Let the principal sum be P.

Calculation:
Step 1: Finding the amount after the first year
Amount after the first year = P + P × 9/100 = P (1 + 9/100) = 109P/100

Step 2: Finding the amount after the second year
Amount after the second year = 109P/100 + 109P/100 × 6/100 = 109P/100 (1 + 6/100) = 115.94P/100

Step 3: Finding the amount after the third year
Amount after the third year = 115.94P/100 + 115.94P/100 × 3/100 = 115.94P/100 (1 + 3/100) = 119.22P/100

Step 4: Equating the amount after three years with Rs. 550
119.22P/100 = 550
P = 550 × 100/119.22
P = Rs. 461.97 (approx.)

Therefore, the principal sum is Rs. 461.97.

Conclusion:
Hence, the sum invested for 3 years as per compound interest is Rs. 461.97, and the amount in 3 years is Rs. 550.
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A sum was invested for 3 years as per compound interest and the rate o...
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A sum was invested for 3 years as per compound interest and the rate of interest for first year is 9% second year is 6% and third year is 3% per annum respectively find the sum is the amount in 3 years is rupees 550?
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A sum was invested for 3 years as per compound interest and the rate of interest for first year is 9% second year is 6% and third year is 3% per annum respectively find the sum is the amount in 3 years is rupees 550? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about A sum was invested for 3 years as per compound interest and the rate of interest for first year is 9% second year is 6% and third year is 3% per annum respectively find the sum is the amount in 3 years is rupees 550? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A sum was invested for 3 years as per compound interest and the rate of interest for first year is 9% second year is 6% and third year is 3% per annum respectively find the sum is the amount in 3 years is rupees 550?.
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