Question

a sum of Rs 2000 amounts to Rs 2163.20 in 2 yrs. Find the rate of interest if the interest is compounded annually.

Answer 1

Answer:

Step-by-step explanation:

Answer 2

The rate of interest if the interest is compounded annually is 4%

Step-by-step explanation:

Principal = Rs.2000

Amount = 2163.20

Time = 2 years

Formula :$A=P(1+r)^t$

$2163.20=2000(1+r)^2$

$\frac{2163.20}{2000}=(1+r)^2$

$\sqrt{\frac{2163.20}{2000}}=1+r$

$\sqrt{\frac{2163.20}{2000}}-1=r$

0.04=r

rate of interest = 4%

Hence The rate of interest if the interest is compounded annually is 4%

#Learn more:

A certain sum of money at compound interest becomes Rs.7,396 in 2 yrs and Rs.7,950.70 in 3 yrs. find the rate of interest.

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