At what rate percent will a sum of rupees 640 be compounded to rupees 774.40 in two years ?
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Given principal ( p ) = Rs 640
Time ( T ) = 2 years
Number of times Interest paid ( n ) = 2
Amount ( A) = Rs 774.40
Let the rate of interest= r
We know that,
p( 1 + r/100 )ⁿ = A
=> 640( 1 + r/100 )² =774.40
=> ( 1 + r/100)² = 774.40/640
=> ( 1 + r/100)² = ( 1.1 )²
=> 1 + r/100 = 1.1
=> r/100 = 1.1 - 1
=> r = 100 × 0.1
=> r = 10
Therefore ,
rate of interest ( r ) = 10%
••••
Time ( T ) = 2 years
Number of times Interest paid ( n ) = 2
Amount ( A) = Rs 774.40
Let the rate of interest= r
We know that,
p( 1 + r/100 )ⁿ = A
=> 640( 1 + r/100 )² =774.40
=> ( 1 + r/100)² = 774.40/640
=> ( 1 + r/100)² = ( 1.1 )²
=> 1 + r/100 = 1.1
=> r/100 = 1.1 - 1
=> r = 100 × 0.1
=> r = 10
Therefore ,
rate of interest ( r ) = 10%
••••
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