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A certain amount of money is invested at the rate of 10% per annum compound interest, the interest compounded annually. If the difference between the interests of third year and first year is Rs. 1105. Find the sum invested.

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4781.65 Rs

4783.55 Rs

4730.36 Rs

4780.59 Rs

answer is B.

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Detailed Solution

As the interest is compounded annually, we can take the formula of interest for 1 year as

and the total invested sum after every year as

. Here r is the rate of interest. So,r=10. The formula of total investment after n years would be
Question Image

The interest in the first year is

The total sum invested after 3 years which is at the start of the fourth year is
Question Image

We have been given that the difference between the interests of third year and first year is Rs. 1105.
So, we get that

We place the values to get the linear equation of p
Question Image

We solve the equation to find the value of p using binary operations
Question Image

The amount of sum invested is 4783.55 Rs. (approx.)
So, option 2 is correct.

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