Question

At what rate percent per annum will a sum of Rs.6250 amount to Rs.7840 in 2 years compounded annually?(pls give answer with working)

Answer 1

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Answer 2

Answer : $\bold{Rate \: = \: 12 \%}$


Explanation -

Given :

Amount = 7840

Principal = 6250

Time = 2 years


Finding Rate Percentage -


$amount = principal(1 + \dfrac{r}{100} ) ^{2}$


$7840 = 6250(1 + \dfrac{r}{100} ) ^{2}$


$\dfrac{7840}{6250} = (1 + \dfrac{r}{100} ) ^{2}$


$\dfrac{784}{625} = (1 + \dfrac{r}{100} ) ^{2}$


$(\dfrac{28}{25} ) ^{2} = (1 + \dfrac{r}{100} ) ^{2}$


$\dfrac{28}{25} = 1 + \dfrac{r}{100}$


$\dfrac{100 + r}{100} = \dfrac{28}{25}$

$25(100 + r) = 28 \times 100$


$2500 + 25 \: r = 2800$

$25 \: r = 2800 - 2500$


$25 \: r = 300$

$r \: = \dfrac{300}{25} = 12\%$

$rate \: = 12\%$


Hence :

$\bold{Answer : Rate \: = \: 12 \%}$