Naman has been trying to figure out how much return will he get as compound interest if he invests Rs. 10,000 for 3 years at x% rate. Given that investing an amount with same rate gives 45% increase with simple interest in 6 years.
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Answer:
This is your answer
Principal, P = 10000
Number of years, N = 3
Amount, A = 11664
Formula used:
A = P[1 + (R/100)]N
Calculation:
11664 = 10000 × [1 + (R/100)]2
⇒ [1 + (R/100)]2 = 11664/10000
⇒ [1 + (R/100)] = 108/100
⇒ (R/100) = (108/100) - 1
⇒ (R/100) = 8/100
⇒ R = 8%
∴ Rate of interest = 8%
Step-by-step explanation:
ANSWER IS
8% interest
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