Question

if Rs. 500 amounts to Rs. 583.20 in two years compounded annually, find the rate of interest per annually

a) 7%
b) 8%
c) 9%
d) 10%​

Answer 1

Answer:

If Rs. 500 amounts o Rs. 583.20 in two years compounded annually , Find he rate of interest per annum . So , rate = 8% p.a.

Step-by-step explanation:

b) 8%

✓ right answer ‼️

Answer 2

Step-by-step explanation:

Principal = Rs. 500 Amount = Rs. 583.20 , Time = 2 years

Let the rate be R% per annum , Them

[500 (1+R100)2]=583.20

or (1+R100)2=583.2500

or (1+R100)2=58325000

or (1+R100)2=1166410000

or (1+R100)2= (108100)2

or 1+R100= 108100

or 100+R100=108100

or R = 108 - 100 = 8

or R = 8

So , rate = 8% p.a.