Question

$20,000 amounts to $28,800 in two years under compound interest compounded annually, what is the rate of interest per annum is charged?

Answer 1

Answer:

P = 20000, A= 28800 T = 2

CI= (A-P)

= 28800-20000

= 8800

Step-by-step explanation:

This is your Compound interest,

Now you can solve rate yourself.

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Answer 2

Step-by-step explanation:

Total Amount of 2years =20, 000

Interest of annually =20℅

Here, the principal P=20, 000

Numbers of years n =2

Rate of interest r =20℅.

Therefore, Amount

[A]=20, 000(1+20, 100)2=20, 000(3625)

= Rs. 28, 800.

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