Ms.reema rao deposited rs.9000 at the end of each year in a bank. after 3 years, the amount accumulated was rs.29,790. find the annual rate of compounding.

I KNOW THE FORMULA IS : A = C/i [ ( 1 + i )n – 1 ]

BUT IM CONFUSED HOW DO I EQUATE THE SUM SINCE WE DO NOT HAVE THE VALUE FOR i.
PLEASE SOLVE AND EXPLAIN HOW WE GET THE RATE OF INTEREST …..THANK YOU !!! c:

1. Pramisesh says:

The formula i use is : Accumulated amount = P (1 + (R/100))^n , where
P = Principle
R = Rate
n = no of calculation
In this case;
P=9000
R= ?
n=3
Amount = 29,790

therefore,
29790= 9000(1+(R/100))^3
3.31= (1+(R/100))^3
1.49030788 = 1+(R/100)
0.49030788 = R/100
R = 49.03%

2. RachanaPujari says:

The formula i use is : Accumulated amount = P (1 + (R/100))^n , where
P = Principle
R = Rate
n = no of calculation
In this case;
P=9000
R= ?
n=3
Amount = 29,790

A = P(1+R/100)^n

so first 9000 was invested for 3 years , second 9000 was invested for 2 years and last 9000 for one year.

29790 = 9000(1+R/100)^3 + 9000(1+R/100)^2 + 9000(1+R/100)

solve for R