Question

At what rate percent compounded yearly will ₹ 80,000 amount to ₹ 88200 in 2 yrs

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Answer 1

compound interest formula

A=P(1+R/100)^T

A=amount(88200)

P=principal(80000)

R=rate of interest(?)

T=time (2 years)

88200=80000(1+R/100)^2

88200=80000×$\frac{100+R}{100}$×$\frac{100+R}{100}$

88200=8(10000+200R+R²)

11025=10000+200R+R²

R²+200R-1025

R²-5R+205R-1025   (factorize)

R= 5%

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