At what rate percent per annum will a sum of Rs.500 become Rs.800 if the loan given for 3 years attracts compound interest?
Answers
Answered by
0
Answer:
17%
Step-by-step explanation:
A = P(1 + r)ⁿ
800 = 500(1 + r)³
(1 + r)³ = 800 ÷ 500
(1 + r)³ = 1.6
1 + r = ∛1.6
1 + r = 1.17
r = 0.17
r = 17%
Answer: The interest rate is 17%
Answered by
0
17%
A = P(1 + r)ⁿ
800 = 500(1 + r)³
(1 + r)³ = 800 ÷ 500
(1 + r)³ = 1.6
1 + r = ∛1.6
1 + r = 1.17
r = 0.17
r = 17%
Answer: The interest rate is 17%
Similar questions