At what rate percent will rs 15625 yield rs 1951 CI in 3 years
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Answer:
4% hope it helps u❣️
Step-by-step explanation:
The answer is 4%
the formula to be used is FVIF of TVM [Future Value Interest Factor] of [Time Value of Money]
(1 + k)^n
where k is interest rate & n No of year
in your case
k is unknown
n is 3 years
Principal is 15625
interest is 1951 means final amount = 15625+1951 = 17576
now apply formula
17576 = 15625 + (1+k)^3
on solving the equation you will get value of k as 4%
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