Question

At what rate percent per annum will a sum of rs. 4000 yield compound of rs. 410 in 2 year.

Answer 1

Accumulated amount formula :

P(1 + i) ⁿ

P = principle amount = 4000

i = Interest rate

n = Time in years = 2

Interest = 410

Accumulated amount = 4000 + 410 = 4410

4000 (1 + i) ² = 4410

(1 + i) ² = 4410/4000

(1 + i)² = 1.1025

1 + i = √1.1025

1 + i = 1.05

i = 1.05 - 1

i = 0.05

0.05 × 100 = 5%

Answer 2

Step-by-step explanation:

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