12. 10,000 is compounded annually and
*13,310 is obtained after 3 years. Find the
rate of interest.
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11
Answer:
10% per annum
Step-by-step explanation:
Amount (A) = Rs.13,310
Principal (P) = Rs.10,000
Time (n) = 3 years
Let the rate of interest be R.
A = P (1 + R/100)ⁿ
=> 13,310 = 10,000 (1 + R/100)³
=> 1331/1000 = (1 + R/100)³
=> (11/10)³ = (1 + R/100)³
=> 11/10 = 1 + R/100
=> R/100 = 11/10 - 1
=> R/100 = 1/10
=> R = 10% per annum
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