Question

At what rate % of CI will 4000 amount to 5324 in three years?
15 ​

Answer 1

Step-by-step explanation:

principal (P) = 4000

let rate of interest (r) = R

time (T) = 3year

amount= 5324

we know amount = P(1+R/100)^t

or 5324 = 4000(1+R/100)³

or (1+R/100)³ = 5324/4000

or, (1+R/100)³= 1331/1000.

or (1+R/100)³ = (11/10)³

or 1+R/100 = 11/10

or R/100 = 11/10-1

or R = 1/10 ×100

or R = 10%

rate of interest is 10%