Sum of money

On a certain sum of money, invested at the rate of 10% compounded annually, the difference between the interests of the first year and the third year is 315 . Find the sum.

Correct answer:

x =  1363.6364

Step-by-step explanation:


(1.1^3-1)x -0.1x = 315

(1.1^3-1)•x -0.1•x = 315

0.231x = 315

x = 15000/11 ≈ 1363.636364

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