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At what rate percent will a sum of Rs 1000 amount to Rs 1102.50 in 2 years at compound interest |
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Answer» At what rate PERCENT per annum will a sum of Rs. 1,000 amount to Rs. 1,102.50 in 2 years atcompound 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 = rAmount = P * [1 + (R/100)]^t1102.50 = 1000 * [(100 +r)/100]^21102.50/1000 =[ (100 +r)/100]^211025 = (100 +r)^2Sq. root (11025) = 100 +r100 +r = 105r = 5%. |
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