Question

At what rate percent per annum C.I will Rs= 2000 amount to Rs 2315.25 in 3 years?

Answer 1

Answer:

Given

Principal (P) = Rs 2000

Amount (A) = Rs 2315.25

Period (n) = 3 years

Let the rate of interest be r% p.a.

A / P = {1 + (r / 100)}

n

2315.25 / 2000 = {1 + (r / 100)}

3

{1 + (r / 100)}

3

= (231525) / (100 × 2000)

On calculating, we get,

{1 + (r / 100)}

3

= 9261 / 8000

{1 + (r / 100)}

3

= (21 / 20)

3

We get,

1 + (r / 100) = 21 / 20

r / 100 = (21 / 20) – 1

r / 100 = 1 / 20

We get,

r = 100 / 20

r = 5

Therefore, rate of interest = 5% p.a.