19. At what rate per cent per annum will a sum of Rs. 6,750 amount to Rs. 8192 in 3
years, compounded annually.
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Answer:
6⅔ %
Step-by-step explanation:
Let the Rate percent be R.
Amount (A) = ₹8192
Principal (P) = ₹6750
Time (n) = 3 years
A = P (1 + R/100)ⁿ
=> 8192 = 6750 (1 + R/100)³
=> 8192/6750 = (1 + R/100)³
=> 4096/3375 = (1 + R/100)³
=> (16/15)³ = (1 + R/100)³
=> 16/15 = 1 + R/100
=> 16/15 - 1 = R/100
=> 1/15 = R/100
=> 100/15 = R
=> R = 6⅔ %
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