Rate or interest

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

Correct answer:

r =  5 %

Step-by-step explanation:

$$\begin{gathered} a=2000 \\ b=2315 \\ q=b\mathrm{/}a=2315\mathrm{/}2000={\displaystyle \frac{463}{400}}=1.1575 \\ {q}_1=q^{1\mathrm{/}3}=\sqrt[3]{1.1575}\doteq 1.05 \\ r=100\cdot (q_1-1)=100\cdot (1.05-1)=5\mathrm{\%} \end{gathered}$$

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