Question

if an amount of ₹ 8 lakh invested becomes double of itself in 2 years find the rate of interest per annum compounded annually.​

Answer 1

Step-by-step explanation:

Principal amt=800000

No: of yrs=2=24mnths

Maturity value=2×800000

MV=principal+interest

1600000=800000+i

I=1600000-800000

=800000

I=P×( n(n+1))÷2×12 ×r/100

800000=800000×(24×25)/2×12×r/100

On solving, we'll get

r=4%