A man had made a fix deposit of 1 lakh .After 2 yrs he got an amount of 1lakh 44 thousands compounded annually .find the rate of interest earned by him
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Principal = 1,00,000
Time = 2 years
Amount = 1,44,000
Interest = Principal-Amount
= 1,44,000-1,00,000
= 44,000
Rate of interest = I ×100÷ Principal×Time
= 44,000×100
÷
1,00,000×2
= 22%
Time = 2 years
Amount = 1,44,000
Interest = Principal-Amount
= 1,44,000-1,00,000
= 44,000
Rate of interest = I ×100÷ Principal×Time
= 44,000×100
÷
1,00,000×2
= 22%
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