if rupees £8,000 to rupees 9261 in 3 years at compound interest find the rate of interest per annum
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The compounding formula =(1+i) ^n
Substituting we have :
(1+i)^3×8000=9261
(1+i)^3=9261/8000
(1+i)^3=1.1576
1+i=(1.1576)^1/3
1+i=1.04999
i=0.04999
0.04999×100=4.999%
Substituting we have :
(1+i)^3×8000=9261
(1+i)^3=9261/8000
(1+i)^3=1.1576
1+i=(1.1576)^1/3
1+i=1.04999
i=0.04999
0.04999×100=4.999%
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