#### What sum of money will amount to ₹ 9261 in 3 years at 5% per annum compound interest?

**Solution:**

It is given that

Amount (A) = ₹ 9261

Rate of interest (r) = 5% per annum

Period (n) = 3 years

We know that

A = P (1 + r/100)^{n}

Substituting the values

9261 = P (1 + 5/100)^{3}

By further calculation

9261 = P (21/20)^{3}

So we get

P = (9261 × 20 × 20 × 20)/ (21 × 21 × 21)

P = ₹ 8000

Therefore, the sum of money is ₹ 8000.

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