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At what rate percent per annum compound interest will ₹2304 amount to 2500 in 2 years?
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Given Principal = 2304.
Given Amount = 2500.
Given Time n = 2 years.
We know that A = P(1 + r/100)^n
= > 2500 = 2304(1 + r/100)^2
= > 2500/2304 = (1 + r/100)^2
= > 50/48 = (1 + r/100)
= > (50/48) - 1 = r/100
= > 2/48 = r/100
= > 1/24 = r/100
= > r = 100/24
= > r = 4 (1/6)%.
Therefore the rate of interest = 4 (1/6)%.
Hope this helps!
Given Amount = 2500.
Given Time n = 2 years.
We know that A = P(1 + r/100)^n
= > 2500 = 2304(1 + r/100)^2
= > 2500/2304 = (1 + r/100)^2
= > 50/48 = (1 + r/100)
= > (50/48) - 1 = r/100
= > 2/48 = r/100
= > 1/24 = r/100
= > r = 100/24
= > r = 4 (1/6)%.
Therefore the rate of interest = 4 (1/6)%.
Hope this helps!
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