Question

at what rate of compound interest a sum of 10000 will become 13000 in 5 years if compounding is done annually​

Answer 1

Answer:

1. rate = 100×interest /( principal×time)

= 100× 3000/ ( 10000×5)= 6%

already given in the question, Sum or the principal=10000 ,amount=13000 ,time=5 years therefore the interest = amount. - principal which is equal to 3000 the formula is Rate = 100×interest ÷ (principal×time)