Question

At what rate % p.a. will a sum of ₹4000 yield ₹1324 as compound interest in 3 years?​

Answer 1

$\purple{ \mathfrak{ \large{Solution}}}$

Given,

P=4000, I=1324, t=3 years,

I=P[(1+R%)^t−1]

1324=4000[(1+R%)^3–1]

1324/4000=(1+R%)^3–1

1324/4000+1=(1+R%)^3

5324/4000=(1+R%)^3

1.331=(1+R%)^3

(1.331)^1/3=1+R%

1.1=1+R%

R%=0.1

R%=10%

$\sf{Hence, \: the \: rate \: will \: be \: 10\%}$

❣Hope this helps you mate✌