At what
rate percent per
compound interest will Z 6250 amount = 7290
in 2 years
Answers
Answer:
8 percent
Step-by-step explanation:
At what rate percent p.a compound interest will rupee 6250 amt to rupee 7290 in 2 year ?
Solution :
Applying compound interest formula,
A=P(1+\frac{r}{100})^tA=P(1+
100
r
)
t
Where, A is the amount A=Rs.7290
P is the principal P=Rs.6250
r is the rate
t is the time t=2 year
Substitute the values,
7290=6250(1+\frac{r}{100})^27290=6250(1+
100
r
)
2
\frac{7290}{6250}=(1+\frac{r}{100})^2
6250
7290
=(1+
100
r
)
2
1.1664=(1+\frac{r}{100})^21.1664=(1+
100
r
)
2
Taking root both side,
\sqrt{1.1664}=1+\frac{r}{100}
1.1664
=1+
100
r
1.08=1+\frac{r}{100}1.08=1+
100
r
\frac{r}{100}=1.08-1
100
r
=1.08−1
\frac{r}{100}=0.08
100
r
=0.08
r=0.08\times 100r=0.08×100
r=8\%r=8%
Therefore, the rate percent is 8%.
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