An amount of Rs 5000 becomes Rs 6050 after 2 years at compound interest. What is the rate of interest? 1)5 p. a. 2)8 p. a. 3)10 p. a. 4)11 p. a. 5) None of these
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i thing ans is 5 ) None of this
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GIVEN -
Amount (A)=Rs6050
Principal (P)=Rs5000
No.of years =2
TO FIND
Rate of interest =?
SOLUTION -
We know that
A=P (1+R/100)^N
6050=5000 (100+R/100)^2
6050=5000×(100+R)/100×(100+R)/100
6050=(100+R)^2/10
10000+200R+R^2=60500
R^2+200R+39500=0
solve this quadratic equation to get rate of interest
Amount (A)=Rs6050
Principal (P)=Rs5000
No.of years =2
TO FIND
Rate of interest =?
SOLUTION -
We know that
A=P (1+R/100)^N
6050=5000 (100+R/100)^2
6050=5000×(100+R)/100×(100+R)/100
6050=(100+R)^2/10
10000+200R+R^2=60500
R^2+200R+39500=0
solve this quadratic equation to get rate of interest
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