Question

A' invests Rs.10,000 for 3 years at a certain rate of interest At the end of the second year, it amounts to Rs.11,664. Calculate the rate of interest per annum, if interest is compounded annually.

Answer 1

10,000×3 =30,000

Step-by-step explanation:

beacuse multiplied each other

Answer 2

Step-by-step explanation:

Principal P= 10000Rs

Number of years N= 2

Amount A=11664

Rate of interest=R=?

A=P(1+R/100)^N

11664=10000(1+R/100)²

11664/10000=(1+R/100)²

√11664/10000=√(1+R/100)²

108/100=1+R/100

108/100=100+R/100

10800=100(100+R)

10800=10000+R

10800/10000=R

1.08=R

R=1.08℅

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