Question

At what rate percent will rs 2400 amount to rs 2904 in 2years compunded anually

Answer 1

Answer:

2904/2400 = (1+r/100)^2

121/100=(1+r/100)^2

11/10=1+r/100

1/10=r/100

rate =10%

Answer 2

Answer:

Let x be the rate of interest

So,

$2904 = 2400{(1 + \frac{x}{100} ) }^{2}$

$\frac{2904}{2400} = {(1 + \frac{x}{100}) }^{2}$

$1.21 = {(1 + \frac{x}{100}) }^{2}$

$1.1 = (1 + \frac{x}{100} )$

$\frac{x}{100} = 1.1 - 1 = .1$

Therefore x= 10%