Question

find the rate of compound interest when ₹521 amounts to ₹1008 in 15 years.​

Answer 1

Answer:

4.5 %

Step-by-step explanation:

Compound interest formula

A = P ( 1 + r/n)^ nt   -- A- Amount, P - Principle, r - rate of interest, n - interest compounded per year, t- time period(yrs)

Let us assume n = 1

P - 521

A - 1008

t - 15

1008 = 521 ( 1 + r)^15

Solving we get r = 0.045 = 4.5 %

Answer 2

Answer:

4.5%

Step-by-step explanation:

A=P x (1+r/100)^n

1008 = 521 x (1+r/100)^15

r = {(1008/521)^1/15 - 1 x 100}

r = 4.49% = 4.5% (approx)