Question

find the rate per cent annum,if compounded yearly principal=rs 3136 compound interest=rs 345 time= 2 years

Answer 1

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Answer 2

5.35 % is the rate of interest.

Step-by-step explanation:

Given that,

Principal = Rs. 3136

Time = Rs. 345

Time = 2 years

As we know,

Amount = Principal + C.I.

= Rs. 3136 + Rs. 345

= Rs. 3481

Formulae for calculating the amount in C.I.

A = P$(1 + \frac{r}{n} )^{nt}$

3481 = 3136(1 + $\frac{r}{100})^{2}$

$\sqrt{\frac{3481}{3136} }$ = 1 + r/100

3/56 = r/100

r = (3 * 100)/56

r = 5.35%

Thus, the rate of interest is 5.35%

Learn more: compound interest

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