Question

At what rate % per annum of compound interest will 1600 amount to 1852.20 in 3 years ?

Answer 1

Step-by-step explanation:

put the values

p=1600

a=1852.20

n=3

• in the ci formula a=p(1+i)^n

1852.20=1600(1+i)^3

1852.20/1600=(1+i)^3

1.157625=(1+i)^3

(1.157625)^1/3 = 1+i