Question

14. Find the rate of compound interest compounded annually if Rs. 2,000 becomes Rs. 2,662 in 3 years​

Answer 1

Answer:

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Step-by-step explanation:

In calculation of Compound interest

Principal amount for next period is equal to principal amount of this year + interest generated in this period

If after 1 years amount of money is 2000

This will be principal for next year

For third year

Amount = 2000×(1+ R/100)×1

2662 = 2000 + 2000×R/100

662 = 20.2 × R

R = 32.77%