at what rate of CI interest per annum will a sum of 2000 become 2332.80 in 2 years interest compounded annually
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it is the correct answer.Hope it helps
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Given
Sum (P) = Rs 2000
Amount(A) = Rs 2332.80
Time (T) = 2 years
A = P (1+r/100)^n
2332.80 = 2000(1+r/100)^2
2332.80/2000 = (1+r/100)^2
11664/10000 = (1+r/100)^2
(108/100)² = (1+r/100)²
108/100 = (100+r)/100
r = 108 - 100 = 8%
Rate of interest = 8%
Sum (P) = Rs 2000
Amount(A) = Rs 2332.80
Time (T) = 2 years
A = P (1+r/100)^n
2332.80 = 2000(1+r/100)^2
2332.80/2000 = (1+r/100)^2
11664/10000 = (1+r/100)^2
(108/100)² = (1+r/100)²
108/100 = (100+r)/100
r = 108 - 100 = 8%
Rate of interest = 8%
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