Question

If `3000 amounts to `3630 in two years under compound interest, interest being compounded annually, what is the annual rate of interest?

Answer 1

Answer:

Step-by-step explanation:

The ratio between two numbers is 4:7. If 8 is added to each number, the ratio becomes 3:5. Find the numbers.

Answer 2

Answer:

Answer:

10%

Step-by-step explanation:

Initial amount- 3000

Sum in two years- 36030

Interest- compounded yearly x 2 years

Interest rate-x

3000*(1+x)^2=3630

(1+x)^2= 3630/3000

(1+x)^2=1.21

1+x=1.1

x=0.1 = 10%

Answer is 10% interest rate