Question

Savita invested rupees 1000 in a finance company and received Rs 1331 after 3 years find the rate of interest percent per annum compounded annually

Answer 1

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

To find: We have to find the rate of interest.

Solution:

The compound interest can be determined by the below formula-

$i = p {(1 + \frac{r}{100}) }^{n}$

Where 'i' is the interest which is equal to 1331.

p is the principal =1000

r is the rate of interest that is equal to x.

n is a period of investment equal to 3 years.

Putting the values in the above formula we get-

$1331 = 1000 {(1 + \frac{x}{100} )}^{3} \\ \frac{1331}{1000} ={(1 + \frac{x}{100} )}^{3} \\ 1.331 = {(1 + \frac{x}{100} )}^{3} \\ \sqrt[3]{1.331} = 1 + \frac{x}{100} \\ 1.1 - 1 = \frac{x}{100} \\ x = 0.1 \times 100 \\ x = 10$

The value of x is 10.

Thus, the rate of interest is 10%.

Answer 2

Answer:

rate of interest is 10%

Step-by-step explanation: