At what rate per cent will a sum of 4,000
yield 1,324 as compound interest in
3 years?
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Answer: At 10% annual rate of interest a sum of 4,000 yield 1,324 as compound interest in 3 years
Explanation:
Compound Interest = P(1+r/100)^t - P
where P stands for Principal, R stands for rate of interest and T stands for time
Substituting the values,
1324 = 4000(1+r/100)^3 - 4000 [Given]
=> 4000+1324 = 4000(1+r/100)^3
=> 5324 = 4000(1+r/100)^3
=> 5324/4000 = (1+r/100)^3
Cube rooting both the sides,
3√(5324/4000) = 1+r/100
=> 3√1.331 = 1+r/100
=> 1.1 = 1+r/100
=> 0.1 = r/100
=> r = 100 * 0.1
=> r = 10
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