Math, asked by nand7eyunilathu, 1 year ago

Find the Rate of Interest on Rs. 3000
A compound interest on Rs. 3000 in 3 years becomes Rs. 315.25. If the interest is calculated annually, then what will be the rate of interest?

Answers

Answered by toptek
1
The formula for Compound Interest is given by

A = P(1 + R/100)^t
where A is the Amount you get after t years and P is the principal, while R is the rate of interest.

Accumulated interest if Rs. 315.25 and the principal was Rs. 3000.

This means the Total Amount A will be Rs. 3000 + Rs. 312.25 = Rs. 3315.25

As per the formula, 3315.25 = 3000(1 + R/100)^3

Solving for R gives us a rate of interest of 3.3868%
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