at what rate percent compound interest per annum will 690 amount to 744.40 in 2 years
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Let the rate of compound interest is r %.
Amount ( A ) = 744.4 Rs
principal ( P ) = 690 Rs
time ( t ) = 2 years
use formula,
A = P( 1 + r/100)ⁿ
744.4 = 690(1 + r/100)²
744.4/690 = (1 + r/100)²
1.0788 = (1 + r/100)²
take square root both sides,
√(1.0788) = (1 + r/100)
1.038 = 1 + r/100
0.038 = r/100
r = 3.8 %
Amount ( A ) = 744.4 Rs
principal ( P ) = 690 Rs
time ( t ) = 2 years
use formula,
A = P( 1 + r/100)ⁿ
744.4 = 690(1 + r/100)²
744.4/690 = (1 + r/100)²
1.0788 = (1 + r/100)²
take square root both sides,
√(1.0788) = (1 + r/100)
1.038 = 1 + r/100
0.038 = r/100
r = 3.8 %
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