Question

Principal = 3136, Compound interest=345, Time = 2 years find Rate of interest ​

Answer 1

Answer:

Principal = Rs 3136

Compound interest = Rs.345

Amount = Principal +Compound interest = Rs 3136+ Rs.345 = Rs.3481

Time= 2 years

Formula : A=P(1+r)^tA=P(1+r)

t

3481=3136(1+r)^23481=3136(1+r)

2

\frac{3481}{3136}=(1+r)^2

3136

3481

=(1+r)

2

\sqrt{\frac{3481}{3136}}=1+r

3136

3481

=1+r

\sqrt{\frac{3481}{3136}}-1=r

3136

3481

−1=r

0.0535=r0.0535=r

Rate of interest = 5.35%