At what rate per cent will a sum of rupees 64,000 be compoud to rupees 68,921 in three year ?
Answers
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Step-by-step explanation:
Heya friend,
Given that
P = ₹64,000
A = ₹68,921
T = 3 years
Solution
A = P(1+R/100)^n
=> 68,921 = 64,000(100+R/100)^3
=> 3√68,921/64,000 = 100+R/100
=> 41/40 = 100+R/100
=> 41 × 100 = 40(100+R)
=> 4,100 = 4,000+ 40R
=> 4,100 - 4,000 = 40R
=> 100 = 40R
=> R = 100/40
=> R = 5/2 % p.a. or 2.5% p.a.
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