Question

The c. I. On 16000 for 3years is 6781.25 find the rate percent

Answer 1

A =6781.25 + 16000 =2278l.25

P=16000

n = 3

22781.25 = 16000 (1 +r/100)3

(I+r/100)3 = 22781.25 / 16ooo

=I.4238

I+r / 100 = 1.125

r/100=1.125 - I=0.125

r = 0.125x100 = 12.5%

Rate 12.5%