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maths

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simple interest and compound interest

on what sum will the compound interest at 10% per annum for 3 years compounded annually be Rs 331?

  • maths - ,

    x(1.10)^3 = x + 331
    x(1.1)^3 - x = 331
    x(1.1^3 - 1) = 331
    x = 331/(1.1^3 - 1) = 1000

    check:
    1000(1.1^3) = 1331
    so the increase (or interest) is 331

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