Question

A man invest 3000 for 3 yrs at ci. After one year the money amounts to 3240 find rate of interest and amount due at end of 3 yrs

Answer 1

P=3000

N=3

Ci=3240,then a=3240+3000=6240

So,amount =p (1+r/100)^n

6240 =3000 (1+r/100)^3

6240-3000=(1+r/100)^3

240×100=1+r^3

24000=1+r^3

24000-1=r^3

23999=r^3

Rate=cube root of 23999

28.84is the rate of interest