a sum of ruppes 1200 becomes ruppes 1323 in 2 years at compound interest and compound it annually, find the rate percent.
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P = 1200
T = 2 years
A = 1323
A = P[(1 + r/100)^n]
1323 = 1200[(1 + r/100)^2]
441 = 400[(1 + r/100)^2] ........('3' common, so divided both with '3')
441/400 = [(1+r/100)^2]
(21/20)^2 = [(1+r/100)^2]
21/20 = 1 + r/100
1/20 = r/100
r = 5%
Hence rate percent is 5%
Hope it helps
T = 2 years
A = 1323
A = P[(1 + r/100)^n]
1323 = 1200[(1 + r/100)^2]
441 = 400[(1 + r/100)^2] ........('3' common, so divided both with '3')
441/400 = [(1+r/100)^2]
(21/20)^2 = [(1+r/100)^2]
21/20 = 1 + r/100
1/20 = r/100
r = 5%
Hence rate percent is 5%
Hope it helps
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