At what percent per annum will ₹ 3000 amounts to ₹ 3993

At what percent per annum will ₹ 3000 amounts to ₹ 3993 in 3 years if the interest is compounded annually?

Here , P = ₹ 3000, A = ₹ 3993, n = 3 years
Using the given formula ,

A = P		1 +	r		ⁿ
			100

∴		1 +	r		ⁿ	=	A
			100				P

	1 +	r		³	=	3993	=	1331
		100				3000		1000

	1 +	r		³	=		11		³
		100					10

⇒ 1 +	r	=	11
	100		10

⇒	r	=	11	− 1
	100		10

⇒	r	=	1	⇒ r =	100
	100		10		10

∴ r = 10%