Question

At what rate percentage p.a. will rupees 5625 amount to rupees 6084 in 2 years at compound interest ​

Answer 1

At 4 % per annum, rupees 5625 amount to rupees 6084 in 2 years at compound interest ​

Solution:

Principal  = 5625

Amount = 6084

number of years = 2 years

Rate of interest = ?

The formula for total amount using compound interest is:

$A = P(1+ \frac{r}{100})^n$

Where,

P is principal

r is rate of interest

n is number of years

Substituting the values we get,

$6084 = 5625 (1 + \frac{r}{100})^2 \\\\\frac{6084}{5625}=(1 + \frac{r}{100})^2 \\\\(1 + \frac{r}{100})^2 = \frac{676}{625} \\\\(1 + \frac{r}{100})^2 =(\frac{26}{25})^2\\\\1 + \frac{r}{100} = \frac{26}{25}\\\\ \frac{r}{100} = \frac{26}{25} - 1\\\\ \frac{r}{100} = \frac{1}{25}\\\\r = 4 \%$

Thus rate of interest is 4 % per annum

Learn more:

At what rate percent per annum will a sum of money double in 16 years?

https://brainly.in/question/5787604

At what rate percent per annum will a sum of money double in 8 years.

A) 12.5%

B) 13.5%

C) 11.5%

D) 14.5%

https://brainly.in/question/471028