Question

At what rate of compound per annum will 12500 amount to 21,600 in 3 years

Answer 1

Answer:

Principle(P)=RS12500

Amount(A)=RS21600

Time(T)=3years

Interest(I)=A-P

                =RS21600-RS12500

                =RS9100

Now,

Rate(R)=I×100/P×T

            =9100×100/12500×3

            =910000/37500

            =24.27%