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Question
At what rate % p.a. will a sum of Rs. 4000 yield Rs. 1324 as compound interest in 3 years?
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Solution
P = Rs. 4000, C.I. = Rs. 1324, n = 3 years
Amount, A = P + C.I.
= Rs. 4000 + Rs. 1324
= Rs. 5324
`A = P(1 + r/100)^n`
`=> 5324 = 4000 (1 + r/100)^3`
`=> (1 + r/100)^3 = 5324/4000 = 1331/1000`
`=> (1+r/100)^3 = (11/10)^3`
`=> 1 + r/100 = 11/10`
`=> r/100 = 11/10 - 1`
`=> r/100 = 1/10`
`=> r = 10%`
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