Diwakar
Diwakar
9 years ago

At what rate percent per annum will a sum of Rs. 1,000 amount to Rs. 1,102.50 in 2 years at
compound interest?

Solution(By Examveda Team)

Pricipal (P) = Rs. 1000.

Amount (A) = 1102.50.

Compound Interest = 1102.50 - 1100 = 102.50.

Time (t) = 2 years.

Let Rate = r

Amount = P * [1 + (r/100)]^t

1102.50 = 1000 * [(100 +r)/100]^2

1102.50/1000 =[ (100 +r)/100]^2

11025 = (100 +r)^2

Sq. root (11025) = 100 +r
100 +r = 105
r = 5%.


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Comments ( 1 )

  1. Sagar Shakya
    Sagar Shakya :
    3 years ago

    6000 lent at12% compound interest anually for 3/2 year

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