Question

At what rate p.a compound interest will 10000 amount to 13310 in 3 years?

Answer 1

Hi.

Here is your answer---

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Given---

Amount(A) = Rs.13,310
Principal(P) = Rs.10,000
Time(n) = 3 years.

Using the Formula,

                  Amount = P[ 1 + r%/100]^n
                   13,310 = 10,000[1 + r%/100]³
        13,310/10000 =  [1 + r%/100]³
             1331/1000 = [1 + r%/100]³
                [11/10]³ = [1 + r%/100]³

   On Comparing,
            11/10 = 1 + r%/100
              r%/100 = 11/10 - 1
              r%/100 = (11 -10)/10
              r%/100 = 1/10
              r% = 10%

Thus, Rate of Interest will be 10%.

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Hope it helps.

Have a nice day.