At what rate percent will ₹2000 amount to ₹2315.25 in 3 year at compound interest?
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Principal Amount =P= 2000
No.of periods= n = 3 years
Rate of interest Per Annum= i = ? %
Compound amount = P(1+i)^n - P
2315.25 = 2000(1+i)^3
2315.25=2000(1 +i)^3
2315.25/2000 = (1+i)^3
1.157 = (1+i)^3
(1.05)^3=(1+i)^3
powers are equal..Now equate the bases
1.05 = 1 + i
1.05 - 1 = i
0.05 = i = 5/100 = 5%
=1464.1
No.of periods= n = 3 years
Rate of interest Per Annum= i = ? %
Compound amount = P(1+i)^n - P
2315.25 = 2000(1+i)^3
2315.25=2000(1 +i)^3
2315.25/2000 = (1+i)^3
1.157 = (1+i)^3
(1.05)^3=(1+i)^3
powers are equal..Now equate the bases
1.05 = 1 + i
1.05 - 1 = i
0.05 = i = 5/100 = 5%
=1464.1
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