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12. When a sum of 10,000 is compounded annually, 13,310 is obtained after 3 years. Find the rate of interest. |
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Answer» required rate be X% p.a.Here,A=Rs.13310,P=Rs.10000,t=3 years.Using formula: A=p(1+ 100R ) n ⟹13310=10000(1+ 100X ) 3 13310=10000[ 100(100+x) ] 3 ⟹ 1000013310 =[ 100(100+x) ] 3 ⟹( 1011 ) 3 =[ 100(100+x) ] 3 ⟹ 1011 = 100(100+x) ⟹11×100=10×(100+x)⟹1100=1000+10x⟹1100−1000=10x⟹10x=100x=10Hence ,the required rate =10%p.a. |
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