Question

rate of interest for which 8000 amount to 9261 after 3 yeARS if interest is compounded annually . Also find interest for 4th year.

Answer 1

Find the interest rate:

A = p ( 1 + r)ⁿ

Given that the P = 8000, A = 9261 and n = 3

9261 = 8000( 1 + r)³

(1 + r)³ = 9261/8000

1 + r = ∛ (9261/8000)

1 + r = 1.05

r = 0.05 = 5%

Find the interest for the 4th year:

5% x Rs 9261 = 0.05 x 9261 = Rs 463.05

Answer: The interest rate is 5% and the interest for the 4th year is Rs 463.05

Answer 2

Answer:

refer to the attachment

Step-by-step explanation:

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