At what rate per cent per annum will a sum of rs.7500 amount to rs. 8427 in 2 years , compounded annualy
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Amount after 2 years is rs 8427
and present value is rs 7500
so extra amount =8427-7500
=927 for 2years
for 1 year=927 divide by 2 that is rs 463.5 per year
rate =463.5 multiply by 100 then divide by
7500
=6.18%
and present value is rs 7500
so extra amount =8427-7500
=927 for 2years
for 1 year=927 divide by 2 that is rs 463.5 per year
rate =463.5 multiply by 100 then divide by
7500
=6.18%
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