Question

2000 rupees was deposited in a bank where interest is compounded annually after 2 years the amount in the account was 2200 rupees. what is the interest rate?​

Answer 1

Answer:

5 percent

Step-by-step explanation:

Formula of a compound interest:

A=P(1+R)^T

1323=1200(1+r%)^2

1323=1200(1+r/100)^2

1323=1200{(100+r)/100}^2

1323=12{(100+r)^2}/100

132300/12=(100+r)^2

11025=(100+r)^2 -- taking sqrt on both side

105=100+r

r=5% Ans