if rs.1000 is compounded annually to rs.1728 after 3 years the rate of interest is
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Step-by-step explanation:
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Given: P=1728,A=3375,n=23 years
We need to find rate of interest i.e. r%
A=P[(1+
100r) n]
⇒3375=1728[(1+
100r) 3 ]
⇒
17283375=(1+ 100r) 3
⇒( 1512) 3=(1+ 100 ) 3
Cubing on both the sides, we get
1512=1+ 100r
Thus r=20
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