Question

Principle = 3136 compound interest=345 time =2 years

Answer 1

 

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)t

3481=3136=(1+r)2

3481/3136=(1+r)2

Root 3481/3136=1+r

Root 3481/3136 - 1 = r

0.0535 = r

Rate of interest = 5.35

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