Question

at what rate present per annum will₹6000amount to ₹6615 in 2 year when interest is compound manually
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Answer 1

Answer:

✋

Given that

A = ₹6,615

P = ₹6,000

T = 2 years

R = ?

Solution

When the interest is compounded annually

A = P(1+R/100)^n

=> 6,615 = 6,000(100+R/100)^2

=> 6,615/6,000 = (100+R/100)^2

=> 441/400 = (100+R/100)^2

=> √441/400 = 100+R/100

=> 21/20 = 100+R/100

=> 21 × 100 = 20(100+R)

=> 2,100 = 2,000 + 20R

=> 2,100 - 2,000 = 20R

=> 100 = 20R

=> R = 100/20

=> R = 5 % p.a.

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