Question

At what rate percent per annum will a sum of Rs.2000 amount to Rs.2205 in 2 years, compounded annually.

Answer 1

Answer:

Rate of Interest=5%

Step-by-step explanation:

Let the rate be R,

Amount=Rs 2205

Principal=Rs 2000

Time=2 years

∴We know,

A=P(1+R/100)∧2

2205=2000(1+R/100)∧2

2205/2000=(1+R/100)∧2

(21/20)∧2=(1+R/1000)∧2    

21/20=1+R/100             [∵The power are cancelled]

(21/20)-1=R/100

1/20=R/100

R=(1/20)*100

R=5%

Answer 2

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