Try the new Google Books
Check out the new look and enjoy easier access to your favorite features
Try the new Google Books
Check out the new look and enjoy easier access to your favorite features
Home » Aptitude » Compound Interest » Question
-
At what per cent annual compound interest, rate, a certain sum amounts to its 27 times in 3 yr?
Let sum = P and given that n = 3 yr According to the question, Amount = 27 PAccording to the formula,
Amount = P (1 + R/100)n
⇒ 27 P = P (1 + R/100)3
⇒ 27 = (1 + R/100)3
⇒ (1 + R/100)3 = (3)3 ⇒ 1 + R/100 = 3⇒ R/100 = 3 - 1 = 2
∴ R = 200%
Correct Answer:
Description for Correct answer:
Let sum = P and given that n = 3yr According to the question Amount = 27 P According to the formula, Amount = \( \Large P \left(1+ \frac{R}{100}\right)^{n} \) => 27P= \( \Large P \left(1+ \frac{R}{100}\right)^{3} \) => 27=\( \Large \left(1+ \frac{R}{100}\right)^{3} \) => \( \Large \left(1+ \frac{R}{100}\right)^{3}=(3)^{3} \) => \( \Large 1+ \frac{R}{100} \)=3 => \( \Large \frac{R}{100} \)=3-1=2
R=200%
Part of solved Compound interest questions and answers : >> Aptitude >> Compound interest
Comments
Similar Questions