what rate will 1.000 amount to 21,331 in 3 years if compounded annually?
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1
Answer:
We have,
A=Rs. 1331
P=Rs. 1000
T=3 years
R=?
We know that
A=P(1+
100
R
)
T
Therefore,
1331=1000(1+
100
R
)
3
1000
1331
=(1+
100
R
)
3
10
11
=1+
100
R
100
R
=
10
1
R=10%
Hence, this is the answer.
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