At what rate of interest will * 2,400 amount to * 2,778.30 in three years if interest being
compounded annually?
Answers
Answered by
20
Answer:
5%
Step-by-step explanation:
A=P(1+r/100)3
2778.30=2400(1+r/100)3
root3 2778.30/2400=1+r/100
21/20=(100+r)/100
21*100/20=100+r
105=100+r
r=105-100
r=5
Answered by
50
Answer:
- Rate of interest is 5% compounded annually.
Step-by-step explanation:
Given that:
- Principal = Rs 2400
- Amount = Rs 2778.30
- Time = 3 years
To Find:
- Rate of interest.
Let us assume:
- Rate of interest be x.
Formula used:
In compound interest.
- A = P(1 + R/100)ᵀ
Where,
- A = Amount
- P = Principal
- R = Rate of interest
- T = Time
Finding the rate of interest:
⟶ 2778.30 = 2400(1 + x/100)³
⟶ 2778.30/2400 = (1 + x/100)³
⟶ 1.157625 = (1 + x/100)³
⟶ (1.05)³ = (1 + x/100)³
Cancelling the power.
⟶ 1.05 = 1 + x/100
⟶ x/100 = 1.05 - 1
⟶ x/100 = 0.05
⟶ x = 0.05 × 100
⟶ x = 5
∴ Rate of interest = 5%
Similar questions