Question

At what rate percent per annum will 6000 rupees amount to 2 Rupees 6615 in 2 years when interest is compounded annually?

Answer 1

$\large{\underline{\red{\rm{AnswEr:5.0\%}}}}$

$\bold\green{\underline{Correct\: QuesTion:}}$

At what rate percent per annum will Rs.6000 amount to Rs.6615 in 2 years when interest is compounded annually.

$\bold\orange{\underline{Given:}}$

Principal=Rs.6000

Amount=Rs.6615

Time (n)=2 years

$\bold\red{\underline{Find:Rate\:of\: Interest:}}$

• Using formula to calculate rate

$\bold\purple{\boxed{A=P(1+\frac{r}{100})^n}}$

⟹6615=6000(1+r/100)²

⟹6615=6000(100+r/100)²

⟹6615/6000=(100+r/100)²

⟹√6615/6000=100+r/100

⟹81.33/77.45=100+r/100

⟹7745+77.45r=8133

⟹77.45r=8133-7745

⟹77.45r=388

⟹r=5.0%

Hence,

$\bold\pink{\underline{The\:rate\:of\: Interest=5.0\%}}$

Answer 2

${\purple{\underline{\underline{\large{\mathtt{Answer:}}}}}}$

Given:

• Principal amount (P) = Rs 6000
• Total amount (A) = Rs 6615
• Time (n) = 2 years

To Find:

• We need to find the rate of interest.

Solution:

As it is given that the principle amount is Rs 6000, time is 2 years and Total amount is Rs 6615.

We can find the rate of interest by this formula:

A = P[1 + r/100]^n

Substituting the given values, we have

6615 = 6000[1 + r/100]^2

=> 6615/6000 = (1 + r/100)^2

=> 1.1025 = (1 + r/100)^2

=> √1.1025 = (1 + r/100)

=> 1.05 = (1 + r/100)

=> 0.05 = r/100

=> r = 5%

Therefore, the rate of interest at which Rs 6000 will amount to Rs 6615 in 2 years is 5%.