Question

If the amount is 1.21 times of the sum after 2 years at com­pound interest (compound annu­ally), the rate of interest per an­num is:

Answer 1

Answer:

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Step-by-step explanation:

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Answer 2

Solution :-

Let us assume that, the principal (P) is Rs. 100x .

So,

→ Amount = A = 1.21 * 100x = Rs. 121x

→ Time = T = 2 year

→ Rate = Let R% per annum compounded annually .

then,

→ A = P[1 + (R/100)]^T

→ 121x = 100x[1 + (R/100)]²

→ (121/100) = [1 + (R/100)]²

→ (11/10)² = [1 + (R/100)]²

square root both sides,

→ (11/10) = 1 + (R/100)

→ R/100 = (11/10) - 1

→ R/100 = 1/10

→ R = 10% (Ans.)

Hence, the rate of interest per an­num is 10% .

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