at what rate percent per annum compounded annually, will rupees 20000 amount to rupees 26620 in 3 years
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Amount = P { 1 + r%}ⁿ
⇒ 26620 = 20000[1+r%]³
⇒ 26620/20000=[1+r%]³
⇒ 1331/1000 = [ 1+r%]³
⇒ (11/10)³ = [1+r%]³
⇒ 1+ r% = 11/10
⇒ 100+r = 110
∴ r = 10
∴Rate = 10%
⇒ 26620 = 20000[1+r%]³
⇒ 26620/20000=[1+r%]³
⇒ 1331/1000 = [ 1+r%]³
⇒ (11/10)³ = [1+r%]³
⇒ 1+ r% = 11/10
⇒ 100+r = 110
∴ r = 10
∴Rate = 10%
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