Question

At what rate per cent will a sum of rs 640 be compound to rs 774.40 in two years.

Answer 1

10% would be the rate percent on the sum of Rs. 640 be compound to Rs. 774.40 in two years.

Step-by-step explanation:

Principal = Rs. 640

Amount = Rs. 774.40

Time = 2 years

Amount = P $( 1 + x/100)^{t}$

= 774.40 = 640$(1 + x/100)^{2}$

⇒ $(11/10)^{2}$ = $(1 + x/100) ^{2}$

⇒ 11/10 = 1 + r/100

⇒ 1/10 = r/100

⇒ r = 10

∵ rate = 10%

Learn more: compound interest

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