Question

Math class 10

Answer 1

Answer:

11%

Step-by-step explanation:

Compound Interest Formula: initial ( 1 + interest rate )^time = final amount

Let compound interest be x

4000(1+x)^3 = 5500

Divide both sides by 4000

4000(1+x)^3 / 4000 = 5500/4000

Cube root both sides

$\sqrt[3]{(1+x)^3} =\sqrt[3]{11/8}$

1 + x = 2.22398 / 2

1 + x = 1.11199

Minus both sides by 1

1 + x = 1.11199

-1        -1

x = .11199 = 11%