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Maths Puzzle
A man invested Rs. 16000 at compound interest for 3 years, interest compounded annually. If he got Rs. 18522 at the end of 3 years, what is rate of interest?
Read Solution (Total 1)
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- 5%
If x% is rate of interest, then
16000*(1+x/100)^3 = 18522
(1+x/100)^3 = 9261/8000 = (21/20)^3
1+x/100=21/20
x=5%
- 10 years agoHelpfull: Yes(1) No(0)
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