Question

A sum of 16,000 earns 1640 as interest in
2 years when compounded annually. Find
the rate of interest.​

Answer 1

Answer:

I=PRN/100

Step-by-step explanation:

P=16000

I=1640

N=2 yrs

R=16000×2/100×1640

R=32000/164000

R=19.51 %