Question

At what rate per cent compound interest a sum of ₹2,550 will amount to * 2,952 in 3 years?
[Ans. 5% p.a.]​

Answer 1

Answer:

Ans. 5%

Amount = 2315.25

Time = 3 years and principal = 2000

Amount = P(1+ r/100)™

2315.25 = 2000(1+ r/100)3

2315.25/2000 = (1+r/100)3

9261/8000 = (1+r/100)power 3

Cube root 9261/8000 = 1+ r/100

21/20 = 1 + r/ 100

Now take the l.c.m. of 100 and cross multiply it by 21

2100/20 = 100 + r

105 = 100 + r

R = 5%