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Question
Calculate the rate percent at which Rs 15,000 will yield Rs 8,413.44 as compound interest in 3 years.
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Solution
P = Rs 15,000; A= Rs (15,000+8,413.44) =Rs 23,413.44; t = 3 years ; r = ?
`"A" = "P" (1 + "r"/100)^"n"`
Rs 23,413.44 = Rs 15,000 `(1 + "r"/100)^3`
`23413.44/15000 = (1 + "r"/100)^3`
`(29)^3/(25)^3 = (1 + "r"/100)^3`
`29/25 = 1+ "r"/100`
`"r"/100 = 29/25 -1 = (29 - 25)/25 = 4/25`
`"r" = 400/25 = 16%`
Hence , r = 16 %
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