Question

In what time rs 1200 amount to rs 1223 at 5 percent per annum when the interest is payable annually

Answer 1

Answer:

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Step-by-step explanation:

Let r% be rate per annum, then,

1323=1200(1+100r)2

⟹12001323=(1+100r)2

⟹12001323=(1+100r)

⟹1.05=(1+100r)

⟹100r=1.05−1=0.05

⟹r=100×0.05=5%