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Question
At what rate percent will Rs.12000 yield Rs.13891.50 as compound interest in 3 years?
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Solution
Given : A = Rs.13891.50, P = Rs.12000, N = 3years
13891.50 = `12000(1 + "r"/100)^3`
⇒ `(13891.50)/(12000) = (1 + "r"/100)^3`
⇒ `(13891.50)/(12000 xx 100) = (1 + "r"/100)^3`
⇒ `(9261)/(8000) = (1 + "r"/100)^3`
⇒ `(21)/(20) = 1 + "r"/(100)`
⇒ `(21)/(20) - 1 = "r"/(100)`
⇒ `(1)/(20) = "r"/(100)`
⇒ r = 5%.
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