Question

At what rate percent per annum will a sum of Rs 12,000 amount to Rs 15,972 in three years, when the interest is compounded annually?

Answer 1

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Answer 2

Given :

Principal = Rs.12000

Amount = Rs.15972

Time = 3 years

To Find:

rate of interest

Solution:

Principal = Rs.12000

Amount = Rs.15972

Time = 3 years

Formula :

$A=P(1+r)^t$

A = Amount

P = Principal

t = time

r = rate of interest in decimals

$15972=12000(1+r)^3\\\frac{15972}{12000}=(1+r)^3\\\sqrt[3]{\frac{15972}{12000}}=1+r\\\sqrt[3]{\frac{15972}{12000}}-1=r\\0.1 = r$

r = 10%

Hence The rate of interest is 10 %