Question

at what rate percent per annum will ₹50,000 amount to ₹86,400 in 3 years,if the interest is compounded annually?​

Answer 1

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Required answer:-

The required Rate of interest is 20%.

Given Information:-

The given Principal is Rs.50000.

The given Amount is Rs.86400.

The given Time is 3 years.

Need to find out:-

The required rate of interest = ?

Required Explanation:-

Let the "Rate of Interest" be "R".

Formula used here:-

A = P(1 + R/100)ⁿ

Putting the values according to the given formula:-

=> 86400 = 50000(1 + R/100)³

=> 86400/50000 = (1 + R/100)³

=> 864/500 = (1 + R/100)³

=> 216/125 = (1 + R/100)³

=> ³√216/125 = 1 + R/100

=> 6/5 = 1 + R/100

=> 6/5 - 1 = R/100

=> 6 - 5/5 = R/100

=> 1/5 = R/100

=> 100 = 5R

=> Rate of Interest = 100/5

=> Rate of Interest = 20%

Hence:-

The required Rate of interest = 20%

_____________________

More Information:-

In Formula,

A is used for Amount.

P is used for Principal.

R is used for Rate of interest.

N is used for Time.

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Answer 2

Answer:

Required answer:-

The required Rate of interest is 20%.

Given Information:-

The given Principal is Rs.50000.

The given Amount is Rs.86400.

The given Time is 3 years.

Need to find out:-

The required rate of interest = ?

Required Explanation:-

Let the "Rate of Interest" be "R".

Formula used here:-

A = P(1 + R/100)ⁿ

Putting the values according to the given formula:-

=> 86400 = 50000(1 + R/100)³

=> 86400/50000 = (1 + R/100)³

=> 864/500 = (1 + R/100)³

=> 216/125 = (1 + R/100)³

=> ³√216/125 = 1 + R/100

=> 6/5 = 1 + R/100

=> 6/5 - 1 = R/100

=> 6 - 5/5 = R/100

=> 1/5 = R/100

=> 100 = 5R

=> Rate of Interest = 100/5

=> Rate of Interest = 20%

Hence:-

The required Rate of interest = 20%

_____________________

More Information:-

In Formula,

A is used for Amount.

P is used for Principal.

R is used for Rate of interest.

N is used for Time.

Step-by-step explanation:

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