Rate or interest

At what rate percent will Rs.2000 amount to Rs.2315.25 in 3 years at compound interest?

Result

r =  5 %

Solution:

a=2000 b=2315 q=b/a=2315/2000=463400=1.1575 q1=q1/3=1.15753≐1.05 r=100⋅ (q1−1)=100⋅ (1.05−1)≐4.9962≐5%a=2000 \ \\ b=2315 \ \\ q=b/a=2315/2000=\dfrac{ 463 }{ 400 }=1.1575 \ \\ q_{1}=q^{ 1/3 }=\sqrt[3]{ 1.1575 } \doteq 1.05 \ \\ r=100 \cdot \ (q_{1}-1)=100 \cdot \ (1.05-1) \doteq 4.9962 \doteq 5 \%

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