At what compound rate of interest, a sum of Rs.20,000 will amount to Rs. 29,282 in four years
Answers
Given :- At what compound rate of interest, a sum of Rs.20,000 will amount to Rs. 29,282 in four years ?
Answer :-
we know that, when rate is compounded annually ,
- A = P[1 + (R/100)]ᵀ
Where,
- A = Amount .
- P = Principal .
- R = Rate of interest per annum .
- T = Time .
Let rate is R% per annum .
putting all values we get,
→ 29282 = 20000[1 + (R/100)]⁴
→ 29282/20000 = [1 + (R/100)]⁴
→ 14641/10000 = [1 + (R/100)]⁴
→ (11 * 11 * 11 * 11)/(10 * 10 * 10 * 10) = [1 + (R/100)]⁴
→ (11/10)⁴ = [1 + (R/100)]⁴
→ (11/10) = [1 + (R/100)]
→ (R/100) = (11/10) - 1
→ (R/100) = (1/10)
→ R = 10% (Ans.)
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