find the rate of compound interest for ₹10000amount to 11000 in 2 years
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Answer:
Rate=4.8%p.a.
Step-by-step explanation:
P= 10000RS.
A=11000RS.
T=2yrs.
A=P(1+r/100)^2
=>11000=10000(1+r/100)^2
=>11000 =(1+r/100)^2
10000
=>11/10=(1+r/100)^2
=>sq.root of 11/10=1+r/100
=>1.048-1=r/100
=>0.048=r/100
=>r=0.048×100
=>r=4.8%p.a.
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