Problem Statement
₹1,000 amounts to ₹1,728 in 3 years at compound interest compounded annually. The annual rate is:
Explanation
Take cube root of amount over principal. The ratio one point seven two eight has cube root one point two. Therefore the yearly rate is twenty percent.
Code Solution
SolutionRead Only
(A/P) = 1.728 ⇒ (1+R/100) = ∛1.728 = 1.20 ⇒ R = 20%
