A man invested Rs. 16000 at compound interest for 3 years, interest compounded annually. If he got Rs. 18522 at the end of 3 years, what is rate of interest?
8%
15%
5%
10%
Explanation:
Here, (1+r)3=1852216000=92618000=(2120)3=(1+120)3(1+r)3=1852216000=92618000=(2120)3=(1+120)3
Therefore, Rate of interest = 120120 = 5%
Here, (1+r)3=1852216000=92618000=(2120)3=(1+120)3(1+r)3=1852216000=92618000=(2120)3=(1+120)3
Therefore, Rate of interest = 120120 = 5%