Question

a person invests rs 6000 for 2 years at a certain rate of interest compounded annually at the end of first year it amounts to rs 6720 calculate the rate of interest p.a

Answer 1

Answer:

(a). Finding the rate of interest:

Since the amount at the end of the first year is Rs. 6720, so we will calculate the rate of interest by substituting n = 1 year, A = Rs. 6720 and P = Rs. 6000  in the formula,

∴  

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Thus, the rate of interest is 12%.

(b). Finding the amount at the end of the second year

Here to find the amount at the end of the 2nd year we will substitute P = Rs. 6000, n = 2 years & R = 12% in the formula, we get

∴  

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Thus, the amount at the end of the second year is Rs. 7526.40

Step-by-step explanation:

Answer 2

Answer:

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