Inverse Problems on Compound Interest - Rate
Inverse Problems on Compound Interest - Finding Rate
In this section, we shall discuss how to compute interest rate percent per annum when compound interest , Amount , Principal and time period is given.
Illustration: At what rate percent per annum, compound interest will Rs 10000 amount to Rs 13310 in three years?
Solution: Let the rate be R% per anum.
We have, P = Principal = Rs 10000, A = amount = Rs 13310 and n = 3 years
Taking cube root on both sides, we have
Hence, rate = 10% per annum.
Find the rate at which a sum of money will become four times the original amount in 2 years, if the interest is compounded half-yearly. | |||
| Right Option : B | |||
| View Explanation | |||
At what rate percent per annum will a sum of Rs 4000 yield compound interest of Rs 410 in 2 years? | |||
| Right Option : A | |||
| View Explanation | |||
Find the rate at which a sum of money will double itself in 3 years, if the interest is compounded annually. | |||
| Right Option : B | |||
| View Explanation | |||
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