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Question

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

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Solution

Amount =2315.25
Time =3 Year
Amount =P(1+r100)TM
2315.25=2000(1+r100)3
2315.252000=(1+r100)3
92613000=(1+r100)3
2120=1+r100
100+r=210020
100+r=105
r=5%

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