Question

at what rate percent will rs 2000 amount to rs 2315.25 in 3 years at compound interest?

Answer 1

5%
By using the Basic formula of Compound Interest!

Answer 2

Solution :

• $A=P(1+r)^t$

• $2315.25=(2000)(1+r)^3$

• $(1+r)^3=1.1576$

• $1+r=1.05$

• $r=0.05$

• $r=5\%$

Therefore, Rate =5 %