Question

how many times will an amount grow in 2 years at the compound interest rate of 0.5 % per annum​

Answer 1

Given :  an amount grow in 2 years at the compound interest rate of 0.5 % per annum​

To Find :  How many times

Solution:

Let say initial Amount P = 100X

R = 0.5 %

n = 2 years

A = P ( 1 + R/100)ⁿ

=> A = 100X ( 1 + 0.5/100)²

=> A = 100X ( 1.005)²

=> A = 100X (1.010025)

=> A = 101.0025X

Hence amount grows to 1.010025 times

None of the given option matches

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