Question

Q-1 find the annual rate of interest if ? 1) principal rupees 80000, amount rupees 100000, time 2 years 4 months​

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At what rate percent p.a. compound interest would 80000 amounts to 88200 in two years, interest being compounded yearly. Also find the amount after 3 years at the above rate of compound interest.

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Solution

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It is given that

Principal (P) = 80000

Amount (A) = 88200

Period (n) = 2 years

Consider r% per annum as the rate of interest percent

We know that

A/P=(1+r/100)

n

Substituting the values

88200/80000=(1+r/100)

2

By further calculation

(1+r/100)

2

=441/400=(21/20)

2

So we get

1+r/100=21/20

r/100=21/20−1=1/20

By cross multiplication

r=1/20×100=5

Hence, the rate of interest is 5% per annum.

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