Question

Find the rate for a sum that becomes 729/625 of itself in 2 years, when compounded annually.

Answer 1

Step-by-step explanation:

If R is the rate of interest, P =100,

100 × (100 + R) / 100 × (100 +R)/100 =

729/625 × 100

(100 + R) × (100 + R) = 729/625 * 100 *100

(100 + R) ^2 = 729/625 × 100 × 100

100 + R = 27/25 × 100

R = 2700/25 - 100

=108 - 100

R = 8.

Interest rate is 8%

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Answer 2

Answer:

Rate =8%

8%is your correct answer of this question

Step-by-step explanation: