Question

At what rate of interest per annum compound interest will ₹ 1600 amount to ₹ 1764 in 2 years?

Answer 1

Answer:

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A = ₹1764

P = ₹1600

T = 2yrs

So the formula to find compound interest is = A(1+r/100)

1764 = 1600(1+r/100)²

1765/1600 = (1+r/100)²

441/400 = (1+r/100)²

21/20 = (1+r/100)

5 = r

So Rate = 5%

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