Question

The C.I on 16000 for 3 years is 6781.12.
find the rate persent? ?

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Answer 1

Answer:

Amount=P[1+r/100]^n

16000+6781.25=16000[1+r/100]³

22781.25/1600=[1+r/100]³

2278125/160000=[1+r/100]³

91125/6400=[1+r/100]³

3645/256=[1+r/100]³

now after solving we get r as a decimal value

R= 12.5%