Question

At what rate of compound interest p.a will sum of rs 3000 become 3993 in year

Answer 1

Compound interest accumulation factor :

P (1 + i)ⁿ = Amount

P = 3000

Amount = 3993

n = 1

3000(1 + i) = 3993

3000 + 3000i = 3993

3000i = 3993 - 3000

3000i = 993

i = 993/3000

i = 0.331

0.331 × 100 = 33.1%

Answer 2

Answer:

Step-by-step explanation:

R =33.1%

n=3

If n=1 then R =10% for 1 yr R = 10%