Question

at what rate percent p.a. compound interest would 80000 R.s. amount to 88200 R.s. in two years interest being compounded yearly. Also find the amount after 3 years at the above rate of compound interest ?

Answer 1

Answer:

It is given that

Principal (P) = 80000

Amount (A) = 88200

Period (n) = 2 years

Consider r% per annum as the rate of interest percent

We know that

A/P=(1+r/100)

n

Substituting the values

88200/80000=(1+r/100)

2

By further calculation

(1+r/100)

2

=441/400=(21/20)

2

So we get

1+r/100=21/20

r/100=21/20−1=1/20

By cross multiplication

r=1/20×100=5

Hence, the rate of interest is 5% per annum.

Answer 2

Answer:

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It is given that

Principal (P) = 80000

Amount (A) = 88200

Period (n) = 2 years

Consider r% per annum as the rate of interest percent

We know that

A/P=(1+r/100)^n

Substituting the values

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

By further calculation

(1+r/100) ^2

=441/400=(21/20)^2

So we get

1+r/100=21/20

r/100=21/20−1=1/20

By cross multiplication

r=1/20×100=5

Hence, the rate of interest is 5% per annum.