Question

If Rs. 500 amounts to Rs. 583.20 in two years compounded annually, the rate of interest per annually
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Answer 1

hope this answer helpful u

Answer 2

A=583.20

P=500

n=2

formula -------A=P(1+r/100)^n

then

583.20=500[1+r/100]^2

583.20/500=[1+r/100]^2

58320/50000=[1+r/100]^2

(54/50)^2=(1+r/100)^2

54/50-1=r/100

4/50=r/100

4=r/2

then

r=8%