Question

At what rate present will $2000 amount to $2315.25 in 3 years at compound interest?​

Answer 1

Question -

At what rate present will \: $2000 amount to \: $2315.25 in 3 years at compound interest?

Answer -

5% rate.

Solution -

Amount = $2315.25

Time = 3 yrs

$Amount = P {(1 + \frac{r}{100} )}^{t}$

$2315.25 = 2000(1 + { \frac{r}{100}) }^{3}$

$\longmapsto2315.25 = 2000(1 + { \frac{r}{100}) }^{3}$

$\longmapsto \frac{231.25}{2000} =(1 + { \frac{r}{100} })^{3}$

$\longmapsto \frac{9261}{3000} =(1 + { \frac{r}{100} })^{3}$

$\longmapsto \frac{21}{20} = 1 + \frac{r}{100}$

$\longmapsto100 + r = \frac{2100}{20}$

$\longmapsto 100 + r = 105$

$\longmapsto r = 105 - 100$

$➜ \boxed{r = 5\%}$

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