A bank lent $1,331 to a person a on compound interest rate for 3 years and got $1,728 after three
years as the total amount. What is the annual rate of interest charged by the bank?
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Step-by-step explanation:
Description for Correct answer:
According to the question,
1728 =1331(1+R100)3
=> 17281331=(1+R100)3
=> (1211)3=(1+R100)3
=> 1+R100=1211 => R100=1211−1=111
R=10011=9.09%
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