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At what rate of compound interest per annum will a sum of Rs. 10,00,000 becomeRs. 12,25,043 in 3 years?
- A6.75%
- B7%
- C7.5%
- D7.25%
Answer not set
Discussion 1
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CCommunity
A = P (1 + r/100)n
⇒ 1225043 = 1000000 (1 + r/100)3
⇒ 107/100 = 1 + r/100
⇒ r = 7%
⇒ 1225043 = 1000000 (1 + r/100)3
⇒ 107/100 = 1 + r/100
⇒ r = 7%