Question

If Rs 10,000 amount to Rs 13,310 in 3 years at compound interest find the rate of interest.

Answer 1

The answer is 10%

FV=PV(1+r)∧n

13310 = 10000(1+r)³

(1+r)³ = 13310/10000

1+r = ∛1.331
1+r = 1.1
r = 1.1-1 = 0.1 or 10%

Answer 2

In this question rate of intrest is 10%