Question

Savita invested 1,000 in a finance company and received 1331 after 3 years, find
the rate of terest per annum compounded annually
​

Answer 1

Step-by-step explanation:

Given :- Savita invested rupees 1000 in a finance company and received Rs 1331 after 3 years.

To find :- Find the rate of interest percent per annum compounded annually.

Salutation :-

Amount ( p ) = Rs 1000

Time ( n ) = 3 years

Let , The rate per annum = r%

•°• Acc to the question ,

P ( 1 + r / 100 )ⁿ = 1331 [ • She received Re 1331 ]

1000 ( 1 + r / 100 )³ = 1331

( 1 + r / 100 )³ = 1331 / 1000

{ ( 100 + r ) / 100 }³ = ( 11 / 10 )³

{ ( 100 + r ) / 100 } = ( 11 / 10 )

1000 + 10r = 1100

10r = 1100 - 1000

10r = 100

r = 100 / 10

r = 10

•°• r = 10 %

•°• Rate per annum is 10%

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