At whate rate % will Rs 6000 amount to Rs 6615 in 2 year when interest is compounde annually?
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As we Know C.I = (1 + r / 100) 2
Apply Values directly into the formula i.e
6000(1+r/100) ^2= 6615
(1+r/100)^2 = 6615/6000 = 1.102
(1 + r/100) ^ 2 = 1.102
(1 + r/100 ) = 1.05(After removing square from both sides)
r/100 = 1.05 - 1 = 0.05
r = 5.
Apply Values directly into the formula i.e
6000(1+r/100) ^2= 6615
(1+r/100)^2 = 6615/6000 = 1.102
(1 + r/100) ^ 2 = 1.102
(1 + r/100 ) = 1.05(After removing square from both sides)
r/100 = 1.05 - 1 = 0.05
r = 5.
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