Question

At what rate of percent the compound interest will Rs 1400 amount to Rs 1694 in 2years?​

Answer 1

Given,

Principle = ₹1400

amount = ₹1694

Time = 2 year

simple interest = Amount - Principle

= 1694 - 1400

= ₹294

Rate = Simple interest × 100

Principle × Time

= 294 × 100

1400 × 2

= 10.5%

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Answer 2

IN SHORTCUT,

SI = P×R×T/100

1694 - 1400 = 294 \\ 294 = SI×100

1400×2

= 10.5%

Answer = 10.5 %

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