At what rate per cent per annum, will a sum of Rs.8000 give a compound interest of Rs. 1261 in 3 years?
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Answer:
P = Rs.8000 C.I. = Rs. 1261
⇒Amount=Rs.9261,n=3,r=?
∴9261=8000(1+
100
r
)
3
⇒(1+
100
r
)
3
=
8000
9261
=(
20
21
)
3
⇒1+
100
r
=
20
21
⇒
100
r
=
20
21
−1=
20
1
⇒r
20
100
%=5%p.a.
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