Rate or interest

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

Correct 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)=5%

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