Question

At what rate percent will 2000 amount to 2315.25 in 3 years at compound interesr

Answer 1

heya user here's your answer ⭐

Answer 2

Given A = 2315.25, principal = 2000, Time n = 3 years.

We know that A = P(1 + r/100)^n

= > 2315.25 = 2000(1 + r/100)^3

= > 2315.25/2000 = (1 + r/100)^3

= > 1.157 = (1 + r/100)^3

= > 1.05 = (1 + r/100)

= > 1.05 - 1 = r/100

= > 0.05 = r/100

= > 0.05 * 100 = r

= > 5 = r.

Therefore, the rate of interest = 5%.

Hope this helps!