Question

At what rate per cent per annum compound interest on ₹2000 will amount to ₹ 2508.80 in 2 years​

Answer 1

Answer :-

The rate percent is 12.72% respectively.

Explanation :-

Given :

• Principle - Rs. 2000
• Amount - Rs. 2508.80
• Time - 2 years

To find :

The rate percent

Solution :

We know that,

Interest = (Amount - Principle)

= Rs.(2508.80 - 2000)

= Rs. 508.80

Now,

We know that,

$Rate = \dfrac{S.I \times 100}{P \times T}$

Putting the values

$\: \: \: \: \: \: \: \: \: \: = \dfrac{508.80 \times 100}{2000 \times 2}$

$\: \: \: \: \: \: \: \: \: \: = 12.72\%$

Hence, the rate percent is 12.72%