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A person deposits a certain sum at the starting of each year. If rate of interest is 10% p. a. compounded annually. If compound interest of third year is Rs. 1158.50. Find what is the sum that he has deposited each year?
1. Rs. 1500
2. Rs. 2000
3. Rs. 3500
4. Rs. 4500

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Correct Answer - Option 3 : Rs. 3500

Given:

Compound interest for the 3rd year = Rs. 

Rate of interest = 10%

Concept used:

Tree method

Calculation:

Let the principal be Rs. x

So, for 2nd and 3rd year principal be 2x and 3x

According to the question,

x/10

2x/10     x/100

3x/10     3x/100     x/1000

(3x/10 + 3x/100 + x/1000) = 1158.50

⇒ (300x + 30x + x)/1000 = 1158.50

⇒ 331x = 1158500

⇒ x = 3500

⇒ The principal = Rs. 3500

∴ The sum he has deposited each year is Rs. 3500

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