Find the rate of interest for a sum of money
Find the rate of interest for a sum of money which becomes 1.728 times itself in 3 years, if the interest is compounded annually.
उस धनराशि के लिए ब्याज दर ज्ञात कीजिए जो 3 वर्षों में स्वयं की 1.728 गुनी हो जाती है, यदि ब्याज की गणना वार्षिक चक्रवृद्धि रुप से होती है।
Detailed Solution & Logic
Correct Answer:
20%
$ \text\frac{A}{P} $ = 1.728, n = 3 years compounded annually
Compound Interest formula: A = P $ (1 + \frac{r}{100})^n $
$ (1 + \frac{r}{100})^3 = 1.728 $
$ 1 + \frac{r}{100} = \sqrt[3]{1.728} $
$ 1 + \frac{r}{100} = \frac{6}{5} $
$ \frac{r}{100} = \frac{6}{5} - 1 = \frac{1}{5} $
$ r = \frac{1}{5} \times 100 = 20% $
Answer: 20%
Similar Practice Questions
Mahesh has ₹1617 with him.
Mahesh has ₹1617 with him. He divided it amongst his sons Vijay and Ajay and...
Sarang invested some money in HDFC
Sarang invested some money in HDFC at 4% per annum rate of interest. What would...
The amount on a sum of ₹3,300 at 10%
The amount on a sum of ₹3,300 at 10% per annum compound interest, compounded annually,...
Mahesh has ₹1617 with him.
Mahesh has ₹1617 with him. He divided it amongst his sons Vijay and Ajay and...
Find the simple interest (in₹) on ₹2500
Find the simple interest (in₹) on ₹2500 as a sum borrowed at 6% per year...
Amit invests a sum of ₹5400
Amit invests a sum of ₹5400 and Gopal invests a sum of ₹9400 at the...
Sharad invested two equal amounts for 6 years and 3 years
Sharad invested two equal amounts for 6 years and 3 years at the rate of...