Question

At what rate percent will Rs. 2000 amount to Rs. 2315.25 in 3 years at compound interest?

Answer 1

Amount = 2315.25

Time = 3 years and principal = 2000

Amount = P(1+ r/100)™

2315.25 = 2000(1+ r/100)3

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

9261/8000 = (1+r/100)power 3

Cube root 9261/8000 = 1+ r/100

21/20 = 1 + r/ 100

Now take the l.c.m. of 100 and cross multiply it by 21

2100/20 = 100 + r

105 = 100 + r

R = 5%

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Answer 2

Here is your answer✔
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A/P = (1 + r/100)^t

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

231525/200000 = (1 + r/100)^3

(9261/8000)^3 = (1 + r/100)^3

(21/20)^3 = (1 + r/100)^3

21/20 - 1 = r/100

1/20 = r/100

r = 100/20

r = 5% ans.