Answer:
Step-by-step explanation:
Given:
- Borrowed amount P = Rs 100000
- Time t = 3 years
- Number of compounds n = 3
- Interest I = Rs 33100
- Rate r = ?
Use formula:
Substitute values and solve for r:
- 33100 = 100000(1 + r)³ - 100000
- 133100 = 100000(1 + r)³
- (1 + r)³ = 133100/100000
- (1 + r)³ = 1.331
- 1 + r = ∛1.331
- 1 + r = 1.1
- r = 0.1 or 10%
