Question

3.At what rate will Rs 1500 become Rs 1653.75 in 2 year if the interest is compounded annually?​

Answer 1

Answer:

Hope this answer will help you.

Answer 2

Answer:

Required rate of interest is 5%.

Step-by-step explanation:

Given,Rs 1500 become Rs 1653.75 in 2 year in compound interest.

So, principal

$= 1500 \: rupees$

Amount

$= 1653.75 \: rupees$

and time

$= 2 \: years$

We want to find rate of interest.

We know by compound interest rule,

Amount

$= p {(1 + \frac{r}{100} )}^{t}$

Where,p is principal,r is rate of interest and t is time.

Here,

$p = 1500 \: rupees \\ t = 2 \: years \\ amount = 1653.75 \: rupees$

So,

$1653.75 = 1500 \times {(1 + \frac{r}{100} )}^{2} \\ {(1 + \frac{r}{100}) }^{2} = \frac{1653.75}{1500} \\ = \frac{165375 }{1500 \times 100} \\ = \frac{11025}{10000} \\ = \frac{ {105}^{2} }{ {100}^{2} } \\ = { (\frac{105}{100} )}^{2}$So,${(1 + \frac{r}{100}) }^{2} = { (\frac{105}{100} )}^{2} \\ (1 + \frac{r}{100} ) = \frac{105}{100} \\ \frac{r}{100} = \frac{105}{100} - 1 \\ \frac{r}{100} = \frac{5}{100} \\ r = 5$

Hence, required rate of interest is 5%

Know more about Compound interest,

1) https://brainly.in/question/1950647

2)https://brainly.in/question/11735147

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