Question

At what rate of compound interest per annum will a sum of ₹ 10, 00,000 become ₹ 12,25,043 in 3 years​

Answer 1

Answer

At rate 7 % , the sum of ₹ 10, 00,000 become ₹ 12,25,043 in 3 years

Explaination

Formula used -

A = P( 1 + r/100 )n

A = Amount

P = Principal

r = Interest rate

n = Number of times interest applied per time period

t = Number of time periods elapsed

Solution -

= A = P( 1 + r/100 )n

= 12,25,043 = 10,00,000( 1 + r/100 )³

= 12,25,043/10,00,000 = 1 + r/100

= 107/100 = 1 + r/100

= rate = 7 %

$\:$

hence, its solved :)