Question

At what rate percent annum will a sum of 2000rs amount to rs 2205 in 2years compounded annually?

answer this quickly​

Answer 1

Step-by-step explanation:

Given Rate of interest is r

Principal Amount is A=2,000

Time is t=2 years

Interest is compounded yearly once ⟹n=1

Amount =P(1+

n

r

)

nt

=2000×(1+r)

2

=2205

⟹r=0.05=5%

Answer 2

Step-by-step explanation:

Given Rate of interest is r

Principal Amount is A=2,000

Time is t=2 years

Interest is compounded yearly once

$⟹n=1$

$amount = p \: (1 + \frac{r}{n} ) ^{nt} = 2000 \times( 1 + r) ^{2} = 2205$

$⟹r=0.05=5%$