Question

At what annual rate of interest Rs6,000 would become Rs.6.615 in two years.​

Answer 1

Answer:

We have,

A=Rs.6615,P=Rs.6000,T=2 years

We know that

A=P(1+100R)T

6615=6000(1+100R)2

(1+100R)2=1.1025

1+100R=1.05

100R=0.05

R=5%

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