Question

If the amount of a sum of money becomes rupees 12100 at the end of 2 years and Rupees 13310 at the end of 3 years at the rate of interest compound yearly find the rate of compound interest and the sum​

Answer 1

13310 = 10000 (1+r/100)^3

13310/10000 = (1+r/100)^3

1.3310 = (1+r/100)^3

(1.1)^3 -1 =0.10

Hence r =10%