Question

At what rate per cent will a sum of rs.4000 yield rs.1324 as compound interest in 3 years?

Answer 1

Let the percentage be r%

amount = 4000+ 1324 = 5324

now we know

P[1+(r/100)]^3 = Amount

4000[1+(r/100)] = 5324
4000 x [(100 + r )/ 100]^3 = 5324
[(100 + r )/ 100]^3 = 5324/4000
(100 + r /100)^3 = 1331/1000
100 + r /100 = 11/10
100 + r = 110
r = 110-100
r = 10

rate % = 10%

hole it helps!!

Answer 2

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