Question

if the sum ₹ 3000 amount to ₹3993 in 3 years the interest is compounded annually then the rate percent per annum is??​

Answer 1

Answer:

Interest in compound interest  = P

P=3000, r = 10, n=?, interest = 3993  

Substituting the values in the formula, we get

Interest = 3000

3993  = 3000

1.331 =

n = 3

The time needed is about 3 years.

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Answer 2

We know A= P(1+x)ⁿ

here A= Amount= Rs 3993

P= Principal = Rs 3000

x= rate of interest = ?

n= Number of years of deposit= 3

So 3993 = 3000 (1+x)³

So (1+x)³= 3993/3000= 1.331= (1.1)³

So x= 0.1

Therefore the rate of interest= 0.1 x 100 = 10%