Question

At what rate precent will Rs 2000 amount to Rs 2315.25 in 3 years at compound interest ?

Answer 1

Amount $=2315.25$

Time $=3$ Year

Amount $=P{(1+\frac{r}{100})}^{TM}$

$2315.25=2000{(1+\frac{r}{100})}^3$

$\frac{2315.25}{2000}={(1+\frac{r}{100})}^3$

$\frac{9261}{3000}={(1+\frac{r}{100})}^3$

$\frac{21}{20}=1+\frac{r}{100}$

$100+r=\frac{2100}{20}$

$100+r=105$

$r=5\%$