Question

interest on a certain sum of money increases by 2/25 of it in every year. for what period of time the compound interest on rs 7000 will be rs 1817.984 at compounded annually.​

Answer 1

Answer:

Description for Correct answer:

Let the principal = Rs. P

Time = 2 years

Amount = Rs.2.25 P

Let Rate % = R %

By using formula,

2.25P=P(1+R100)2

225100=(1+R100)2

(1510)2=(1+R100)2

R100=1510−1

=R100=510

R = 50 %