Question

At what rate percent per annum compound interest will 2304 amount to 2500 in
2 years? ​

Answer 1

Answer:

The rate of interest is 461% p.a.

Step-by-step explanation:

It is given that

Amount = 2500

Principal = 2304

period (n) = 2 years

Consider r% p.a. as the rate of interest

We know that

A = P(1+r/100)

n

 

It can be written as

(1+r/100)

n

=A/P

Substituting the values

(1+r/100)

2

=2500/2304

By further calculation

(1+r/100)

2

=625/576=(25/24)

2

So we get

1+r/100=25/24

r/100=25/24−1

Taking LCM

r=100/24= 625

=4 61

​Hence, the rate of interest is 461  % p.a.

Answer 2

Step-by-step explanation:

Formula for CI

Amount = P*(1+R/100) ^n

here,

2500= 2304(1+r/100) ^2

2500/2304 = (1+r/100) ^2

50/48 = 1+r/100

25/24 = 100+r/100

r= 25/24 * 100 - 100

r= 104.16- 100

r = 4.16 (approx)

I hope this will help you