Question

At what rate percent compound interest per annum will 6250 amount to 7219 in 2 years

Answer 1

Answer:

approximately rate of interest is 7%p.a

Step-by-step explanation:

Amount=Principal {1+r/100}^n

7219=6250{1+r/100}^2

1.155=n^2 where

{n=(100+r)/100}

n=1.07 which is equals to {(100+r)/100}

1.07×100-100=r

r=107-100

r=7