a sum of rupees 1000 amounts to rupees 1500 in 12 years.find the rate percent of compound interest.

Question

it is under compound interest. princiapl is given. period 9 number of years0 is given. amount is given. only the rate percent of compound interest is asked

Answer 1

?????????? 1 tro tu 1.5 in 12 yeers ???????????

kompounded?????????

If kompound eech yeer,

get=(1+r)^12=1.5

take logs...12*log(1+r)=log(1.5)

log(1+r)=log(1.5)/12

=0.176091259/12

=0.014674271

then 1+4=10^0.014674271=1.034366082

so r=0.0343

r=3.4%