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# Calculate the compound interest rate

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• 24-05-2022 3:19pm
Registered Users Posts: 2,548 ✭✭✭

Hi Folks

would anyone know the formula and working example of the below question?

many thanks

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#1
Registered Users Posts: 12,308 ✭✭✭✭

1.331 = 1(1+r) to power of 3 so cube root of 1.331 is 1.1 so r is 10%

as n is 1

“I can’t pay my staff or mortgage with instagram likes”.

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#1
Registered Users Posts: 2,548 ✭✭✭

super, thanks

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#2
Registered Users Posts: 12,308 ✭✭✭✭

Its obviously a multiple choice. answer is 10%

1 *1.1= 1.1

1.1*1.1 = 1.21

1.21*1.1 = 1.331

“I can’t pay my staff or mortgage with instagram likes”.