Nikita invests ₹6000 for 2 years at a certain rate of interest compounded
annually. At the end of first year it amounts to ₹6720. Calculate
(i) the rate of interest
(ii) the amount at the end of second year.
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Answer:
6720 = 6000×(1+r/100) where r is the rate of interest
6720 = 6000 + 6000×r/100
6720-6000 = 60r
60r = 720
r = 12
Amount at the end of second year
= 6000×(1+12/100)^2
=6000×1.12×1.12
= 7526.40
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