Question

At what rate will rs 32,00 amount to rs 3872 in 2 years if compounded annually.​

Answer 1

Answer:

2 YEARS INTEREST = 3872–3200 = 672

1 YEAR INTEREST = 672/2 = 336

RATE OF SIMPLE INTEREST = (336/3200)*100 = 10.5%

IF IT IS COMPOUND INT 3200*(1+x/100)^2 = 3872.

SOLVING x=10%