Question

At what rate percent will a sum of Rs 1000 amount to Rs 1102.50 in 2 years at compound interest

Answer 1

Answer:

At what rate percent per annum will a sum of Rs. 1,000 amount to Rs. 1,102.50 in 2 years at

compound interest?

Solution(By Examveda Team)

Pricipal (P) = Rs. 1000.

Amount (A) = 1102.50.

Compound Interest = 1102.50 - 1100 = 102.50.

Time (t) = 2 years.

Let Rate = r

Amount = P * [1 + (r/100)]^t

1102.50 = 1000 * [(100 +r)/100]^2

1102.50/1000 =[ (100 +r)/100]^2

11025 = (100 +r)^2

Sq. root (11025) = 100 +r

100 +r = 105

r = 5%.

Answer 2

Answer:

approximately 5%

Step-by-step explanation:

therefore rate percentage is 5%