Question

find the rate of interest for which 8000 amount of 9261 after 3 years if interest is compounded annually

Answer 1

Principal = Rs8000
Amount = Rs9261
Let Rate of interest = R
T=3years
P(1+R/100)^n=A
8000(1+R/100)^3=9261
(1+R/100)^3=9261/8000=(21/20)^3
1+R/100=21/20
(100+R)/100=21/20
100+R=21/20*100=105
R=105-100=5
hence rate of interest is 5%
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Answer 2

Answer:

Step-by-step explanation: