At what percent p.a. will the compound interest on `27000 become `5768 in 3 years?
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Answer:
Rate :-2/30
Step-by-step explanation:
A=p(1+r/n)^nt
A=p+C.I.
given p=27000
C.I.=5768
t=3years
n=1
r=?
A=27000+5768=32768
put in formula
32768=27000(1+r/1)^3
32768/27000=(1+r)^3
(32/30)^3=(1+r)^3
32/30=1+r
r=32/30 -1
r=2/30
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