At what rate per cent of compound interest, a sum of Rs. 2000 will amount to Rs. 2662 in 3 years?
15%
20%
5%
10%
Explanation:
We know that, (1+Rate100)Time=AmountPrincipal(1+Rate100)Time=AmountPrincipal
(1+r)3=26622000=13311000=(1110)3(1+r)3=26622000=13311000=(1110)3
1 + r = 11101110
Therefore, r = 1110−1=1101110−1=110 = 10%
We know that, (1+Rate100)Time=AmountPrincipal(1+Rate100)Time=AmountPrincipal
(1+r)3=26622000=13311000=(1110)3(1+r)3=26622000=13311000=(1110)3
1 + r = 11101110
Therefore, r = 1110−1=1101110−1=110 = 10%