Question

at what rate percent per annum will Rs.5,000 amount to Rs.5832 in 2 years compounded annually

Answer 1

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Refer the attachment sir

The answer is 8 percent

Answer 2

Present value, P = Rs.5000

Amount, A = Rs.5832

Time, n = 2 years

Now,

Amount (A) = P (1 + R/100)n [Where, A = Amount with compound interest

P = Present value

R = Annual interest rate

n = Time in years]

∴ Amount (A) = P (1 + R/100)n

⇒ 5832 = 5000 (1 + R/100)2

⇒ (1 + R/100)2 = 5832/5000

⇒ (1 + R/100)2 = 2916/2500

⇒ (1 + R/100)2 = (54/50)2

⇒ 1 + R/100 = 54/50

⇒ R/100 = (54/50) - 1

⇒ R/100 = (54 – 50)/50

⇒ R/100 = 4/50

⇒ R = 400/50

⇒ R = 8

∴ Rate = 8 %.