Question

a sum of money compounded annually amount to rs. 2340 in 8 years and rs. 3185 in 10 years. find the annual rate of interest?​

Answer 1

ans.16.7 see the photo

Answer 2

Answer:

The annual rate of interest for the given is $16 \frac{2}{3} \%$

Given:

A sum of money compounded annually amount to rs. 2340 in 8 years and rs. 3185 in 10 years.

To find:

Find the annual rate of interest

Solution:

Formula for Compound interest is, $P\left(1+\frac{r}{100}\right)^{n}$

Then, apply the values, we get

$2340\left(1+\frac{r}{100}\right)^{2}=3185$

$\left(1+\frac{r}{100}\right)^{2}=\frac{3185}{2340}$

$\left(1+\frac{r}{100}\right)^{2}=\frac{49}{36}$

$1+\frac{r}{100}=\frac{7}{6}$

$\frac{r}{100}=\frac{1}{6}$

$r=\frac{100}{6}=16 \frac{2}{3} \%$

Result:

The annual rate of interest for the given is $16 \frac{2}{3} \%$