At what rate percent will *2000 amount to *2315.25 in 3 years at compound
interest?
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Given A = 2000, P = 2315.25, n = 3 years.
We know that A = P(1 + r/100)^n
2000 = 2315.25(1 + r/100)^3
\frac{2000}{2315.25} = (1 + \frac{r}{100})^3
2315.25
2000
=(1+
100
r
)
3
1.157625 = (1 + r/100)^3
(1.05)^3 = (1 + r/100)^3
1.05 = 1 + r/100
1.05 - 1 = r/100
0.05 = r/100
r = 5%.
Therefore the required rate is 5% per annum.
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