Question

At what rate percent per annum will rupee 6000 amount s to
6615 in 2 years when interest is compounded annually​

Answer 1

Answer:

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Given:

• ⇒ Principal amount (P) = Rs 6000
• ⇒ Total amount (A) = Rs 6615
• ⇒ Time (n) = 2 years

To Find:

• ⇒ We need to find the rate of interest.

Solution:

As it is given that the principle amount is Rs 6000, time is 2 years and Total amount is Rs 6615.

We can find the rate of interest by this formula:

A = P[1 + r/100]^n

• Substituting the given values, we have

➤ 6615 = 6000[1 + r/100]^2

➤ 6615/6000 = (1 + r/100)^2

➤ 1.1025 = (1 + r/100)^2

➤ √1.1025 = (1 + r/100)

➤ 1.05 = (1 + r/100)

➤ 0.05 = r/100

➤ r = 5%

Therefore, the rate of interest at which Rs 6000 will amount to Rs 6615 in 2 years is 5%.

Answer 2

Answer:

Given:

⇒ Principal amount (P) = Rs 6000

⇒ Total amount (A) = Rs 6615

⇒ Time (n) = 2 years

To Find:

⇒ We need to find the rate of interest.

Solution:

As it is given that the principle amount is Rs 6000, time is 2 years and Total amount is Rs 6615.

We can find the rate of interest by this formula:

A = P[1 + r/100]^n

Substituting the given values, we have

➤ 6615 = 6000[1 + r/100]^2

➤ 6615/6000 = (1 + r/100)^2

➤ 1.1025 = (1 + r/100)^2

➤ √1.1025 = (1 + r/100)

➤ 1.05 = (1 + r/100)

➤ 0.05 = r/100

➤ r = 5%

Therefore, the rate of interest at which Rs 6000 will amount to Rs 6615 in 2 years is 5%.