at what rate of compound interest per annum sum of rupees 1200 becomes rupees 1348.32 in 2 years
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I think
P(1+r/100)^t= amount
1200(1+r/100)^2= 1348.32
(1+r/100)^2= 1348.32/1200
(1+r/100)^2= (134832/120000)
1+r/100= √(134832/120000)
r/100= √(44944/40000)
r/100= √(11236/10000)
r/100= 2809/2500
r/100= 53/50- 1
r= 3/50× 100
r= 6%
so Rate is 6%
P(1+r/100)^t= amount
1200(1+r/100)^2= 1348.32
(1+r/100)^2= 1348.32/1200
(1+r/100)^2= (134832/120000)
1+r/100= √(134832/120000)
r/100= √(44944/40000)
r/100= √(11236/10000)
r/100= 2809/2500
r/100= 53/50- 1
r= 3/50× 100
r= 6%
so Rate is 6%
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