Question

at what annual rate of interest Rupees 6000 will become rupees 6615 in 2 year​

Answer 1

Answer:

The rate of interest would be 5%

Step-by-step explanation:

Principal amount (P) = Rs 6000

Total amount (A) = Rs 6615

Time (n) = 2 years

The rate of interest (r) = ?

6615 = 6000(1 + r/100)^2

6615/6000 = (1 + r/100)^2

1.1025 = (1 + r/100)^2

√1.1025 = (1 + r/100)

1.05 = (1 + r/100)

0.05 = r/100

r = 5%

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