Question

At what rate percent per annum compound interest will Rs 3000 amount to Rs 3630
in 2 years?

Answer 1

Answer:

Rate of interest = x

3000 * x * 2 / 100 = 630

3000 * 2x / 100 = 630

6000x / 100 = 630

x = 100 * 630 / 6000

x = 63000/6000

x = 10.5%

Step-by-step explanation:

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Answer 2

Concept we use:

If $P$ be the principle, $r$ be the rate of compound interest, $t$ be the time invested, then the amount $A$ yielded is given by

$\quad A=P(1+\dfrac{r}{100})^{t}$

Step-by-step explanation:

Given, Principal, P = Rs. 3000

Time, t = 2 years

and Amount, A = Rs. 3630

We know the relation:

$\quad A=P(1+\dfrac{r}{100})^{t}$

$\Rightarrow 3630=3000(1+\dfrac{r}{100})^{2}$

$\Rightarrow (1+\dfrac{r}{100})^{2}=\dfrac{3630}{3000}$

$\Rightarrow 1+\dfrac{r}{100}=\sqrt{\dfrac{3630}{3000}}$

$\Rightarrow 1+\dfrac{r}{100}=\sqrt{1.21}$

$\Rightarrow 1+\dfrac{r}{100}=1.1$

$\Rightarrow \dfrac{r}{100}=0.1$

$\Rightarrow r=10$

Answer:

Thus at 10% per annum, compound interest will amount Rs. 3000 to Rs. 3630 in 2 years.