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At what rate of interest will Rs. 20000 become Rs. 28800 after 2 year when interest is compounded annually?1). 5%2). 6%3). 20%4). 15% |
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Answer» P = 20000 A = 28800 T = 2 years Formula for COMPOUND interest, ⇒ Putting all values in above formula, we get- ⇒ 28800 = 20000{ 1 + R/100}2 ⇒ 28800/20000 = {1 + R/100}2 ⇒144/100 = {1 + R/100}2 $(\Rightarrow 1 + \frac{{\rm{R}}}{{100}} = \frac{{12}}{{10}})$ ⇒ R = 20% |
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