At what rate percent per annum will 610 amounts to 774 40 in 2 years compounded annually
Answers
Answered by
1
Step-by-step explanation:
Amount=P(1+
100
R
)
n
⇒774.40=640(1+
100
R
)
2
⇒
100
77440
=640(1+
100
R
)
2
⇒
10
7744
=640(1+
100
R
)
2
⇒
10
7744
÷640=(1+
100
R
)
2
⇒
6400
7744
=(1+
100
R
)
2
⇒(
80
88
)
2
=(1+
100
R
)
2
⇒1+
100
R
=
80
88
⇒
100
R
=
80
88
−1
⇒
100
R
=
80
88−80
⇒
100
R
=
80
8
⇒
100
R
=
80
8
⇒
100
R
=
10
1
∴R=10
Hence the rate of interest is 10%
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