At what rate per annum ci will RS 2000 amount to RS 2315.35 in 3 years

ANSWER: Rate per annum at which CI will amount from RS 2000 to RS 2315.35 in 3 years is 5% SOLUTION: Given,  P = RS 2000 C.I = RS 2315.35 T = 3 years We need to find the rate per annum. i.e. R = ? We know that,  When interest is compound Annually: [tex]Amount $=\mathrm{P}\left(1+\frac{\mathrm{R}}{100}\right)^{n}$[/tex]Where p = principal amountr = rate of interestn = number of years[tex]$2315.35=2000 \times\left(1+\frac{R}{100}\right)^{3}$[/tex][tex]$\left(1+\frac{R}{100}\right)^{3}=\frac{2315.35}{2000}$[/tex][tex]$\left(1+\frac{R}{100}\right)^{3}=1.157$[/tex][tex]$1+\frac{R}{100}=\sqrt[3]{1.157}$[/tex][tex]$1+\frac{R}{100}=1.0500$[/tex][tex]$\frac{R}{100}=1.05-1$[/tex][tex]$\frac{R}{100}=0.05$[/tex]R = 5% Hence, rate per annum is 5 percent.