Question

At what rate per cent per ammum will $4000 amount to $4410 in 2 years when compounded annually? ​

Answer 1

Answer: 33.18%

Step-by-step explanation:

Amount = $4410. Time = 2 years

Principal = $4000

Amount = P ( 1+R/100)²

4410 = 4000 (1 + R/100*R/100)

4410/4000 = 1 + R²/10000

4410/4000*10000 = 1 + R²

1102.5 = 1 + R²

1101.5 = R²

R = √1101.5 = 33.18%