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Find the sum of money which will amount to Rs. 27783 in 3 years at 5% per annum, the interest being compounded annually.?
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Find the sum of money which will amount to Rs. 27783 in 3 years at 5% ...
Understanding Compound Interest
To find the sum of money that will amount to Rs. 27783 in 3 years at 5% per annum with compound interest, we can use the formula for compound interest:
Amount (A) = Principal (P) * (1 + r/n)^(nt)
Where:
- A = Amount after time t
- P = Principal amount (the initial sum of money)
- r = Annual interest rate (decimal)
- n = Number of times interest is compounded per year
- t = Time in years
In this case, since the interest is compounded annually, we can simplify our formula.
Given Values
- Amount (A) = Rs. 27783
- Rate (r) = 5% = 0.05
- Time (t) = 3 years
- Compounding frequency (n) = 1
Finding the Principal (P)
We need to rearrange the formula to find P:
P = A / (1 + r)^t
- Substitute the values into the formula:
P = 27783 / (1 + 0.05)^3
Calculating
1. Calculate (1 + r):
- 1 + 0.05 = 1.05
2. Raise to the power of t:
- (1.05)^3 = 1.157625
3. Finally, calculate P:
- P = 27783 / 1.157625 ≈ 24000
Conclusion
The principal amount that will amount to Rs. 27783 in 3 years at a 5% per annum interest rate, compounded annually, is approximately Rs. 24000.
To find the sum of money that will amount to Rs. 27783 in 3 years at 5% per annum with compound interest, we can use the formula for compound interest:
Amount (A) = Principal (P) * (1 + r/n)^(nt)
Where:
- A = Amount after time t
- P = Principal amount (the initial sum of money)
- r = Annual interest rate (decimal)
- n = Number of times interest is compounded per year
- t = Time in years
In this case, since the interest is compounded annually, we can simplify our formula.
Given Values
- Amount (A) = Rs. 27783
- Rate (r) = 5% = 0.05
- Time (t) = 3 years
- Compounding frequency (n) = 1
Finding the Principal (P)
We need to rearrange the formula to find P:
P = A / (1 + r)^t
- Substitute the values into the formula:
P = 27783 / (1 + 0.05)^3
Calculating
1. Calculate (1 + r):
- 1 + 0.05 = 1.05
2. Raise to the power of t:
- (1.05)^3 = 1.157625
3. Finally, calculate P:
- P = 27783 / 1.157625 ≈ 24000
Conclusion
The principal amount that will amount to Rs. 27783 in 3 years at a 5% per annum interest rate, compounded annually, is approximately Rs. 24000.
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Find the sum of money which will amount to Rs. 27783 in 3 years at 5% per annum, the interest being compounded annually.?
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Find the sum of money which will amount to Rs. 27783 in 3 years at 5% per annum, the interest being compounded annually.? for Class 8 2024 is part of Class 8 preparation. The Question and answers have been prepared according to the Class 8 exam syllabus. Information about Find the sum of money which will amount to Rs. 27783 in 3 years at 5% per annum, the interest being compounded annually.? covers all topics & solutions for Class 8 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Find the sum of money which will amount to Rs. 27783 in 3 years at 5% per annum, the interest being compounded annually.?.
Find the sum of money which will amount to Rs. 27783 in 3 years at 5% per annum, the interest being compounded annually.? for Class 8 2024 is part of Class 8 preparation. The Question and answers have been prepared according to the Class 8 exam syllabus. Information about Find the sum of money which will amount to Rs. 27783 in 3 years at 5% per annum, the interest being compounded annually.? covers all topics & solutions for Class 8 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Find the sum of money which will amount to Rs. 27783 in 3 years at 5% per annum, the interest being compounded annually.?.
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