A sum of rs 5000/- amounts to rs 6050/- in two years at compound interest. What is the rate of interest?
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Answer:
5000(1+r/100)^2 = 6050
5000(1+r/100)^2=6050
(1+r/100)^2=605/500
(100+r)/100 * (100+r)/100=121/100
(100+r)^2=121/100*10000
(100+r)^2=12100
we will square root both the sides
so 100+r=110
r=110-100
r=10
so 10%
Step-by-step explanation:
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