at what rate percent per annum will rs.18000 amount to 20480 in 1 year compounded annually
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Answer:
13.77%
Step-by-step explanation:
Let the Rate be R.
Principal (P) = ₹18000
Amount (A) = ₹20480
Time (n) = 1 year
A = P (1 + R/100)ⁿ
=> 20480 = 18000 (1 + R/100)¹
=> 2048/1800 = 1 + R/100
=> 256/225 - 1 = R/100
=> 31/225 × 100 = R
=> R = 13.77%
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