At what annual rate of interest Rs 6,000 would become Rs.6,615 in two years?
In how much time would the compounded amount become Rs.9,261 from a
principal of Rs.8,000 if the interest is compounded annually at a rate of 5% interest?
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8th
Maths
Comparing Quantities
Increase and Decrease in Percentage
At what rate per cent per a...
MATHS
At what rate per cent per annum will Rs.6000 amount to Rs. 6615 in 2 years when interest is compounded annually ?
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ANSWER
We have,
A=Rs.6615,P=Rs.6000,T=2 years
We know that
A=P(1+
100
R
)
T
6615=6000(1+
100
R
)
2
(1+
100
R
)
2
=1.1025
1+
100
R
=1.05
100
R
=0.05
R=5%
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