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What is the rate of compound interest (compounded annually) when a sum of rupees 2018 amounts to 4356.711 in 10 years?

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What is the rate of compound interest (compounded annually) when a sum of rupees 2018 amounts to 4356.711 in 10 years?
posted Aug 10 by Harshita Dhaliwal

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1 Answer

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If rate of interest is R,
((1 + R/100)^10)×2018 = 4356.711
R/100 = (4356.711/2018)^(1/10) - 1 = 0.08
R = 8%.

answer Aug 10 by Tejas Naik
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