A PRINCIPAL OF RS.13824 EARNS RS.2400 AS COMPOUND INTREST AFTER 2 YEARS IF COMPOUNDED ANNUALLY FIND RATE OF INTREST
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given,
P=13824
CI₂=2400
therefore, A₂=13824+2400
=16224
therefore,
16224=13824(1+(r/100))²
=> √(16224/13824) = √(1 + (r/100))²
=> 1.083=1+(r/100)
=> 1.083-1=r/100
=> .083=r/100
therefore, rate=.083*100
=8.3%
P=13824
CI₂=2400
therefore, A₂=13824+2400
=16224
therefore,
16224=13824(1+(r/100))²
=> √(16224/13824) = √(1 + (r/100))²
=> 1.083=1+(r/100)
=> 1.083-1=r/100
=> .083=r/100
therefore, rate=.083*100
=8.3%
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