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Question
Calculate the rate per cent at which Rs 16,000 will yield Rs 3,876.75 as compound interest in 3 years.
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Solution
P = Rs 16,000; A = Rs (16,000+3,876.75) = Rs 19,876.75 ; t = 3 years ; r = ?
`"A" = "P" (1 + "r"/100)^"n"`
Rs 19,876.75 = Rs 16,000 `(1 + "r"/100)^3`
`19876.75/16000 = (1 + "r"/100)^3`
`(27.08)^3/(25.19)^3 = (1 + "r"/100)^3`
`2708/2519 = 1 + "r"/100`
`"r"/100 = 2708/2519 - 1 = (2708 - 2519)/2519 = 189/2519`
`"r" = 18900/2519 = 7.5 %`
Hence , r = 7.5%
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