Question

Find th rate of interest compounded annually if the ci on 10000is 1236 after 2 years

Answer 1

Answer:

The rate of interest will be 6%

Step-by-step explanation:

As given in the question we need to find the rate of interest

We had given the priciple=10000 and the interest is 1236 and the time is for 2 years

We will do this question by hit and trial method, lets first distribute the interest for each year

Let the interest from 1st year is 600 and the interest from 2nd year is 636

Now as we know that

=$10000\times\dfrac{6}{100}=600$

Now we have to calculate the interest on 10600 as it is the compound interest

So,$10600\times\dfrac{6}{100}$=$636$

Therefore our assumption satisfies the total interest of the 2 years comes to be $600+636=1236$