Question

calculate rate of compound interest if sum = 800, Amount = 968, time= 2years​

Answer 1

Answer:

Sum =800

amount =968

time = 2 years

let r be rate per annum

968= 800( 1+ r/100)^2

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

1+r/100 = 11/10

r/100= 11/10-1

r/100= 1/10

r/10= 1

r=10

So, rate is 10% per annum

Answer 2

Answer:

$CI for the 2nd year will be Rs 880 and the Difference = 968 - 880 = Rs 88, theinterest on Rs 880 for the third year = Rs 88 and the rate of interest = (SI x 100) / (P x T) = (88 x 100) / (880 x 1) = 10 so the rate of interest is 10% and the principle = P.$