Question

Question 57
A certain amount invested at a certain rate, compounded annually, grows to an amountin five years, which is a factor of 1.191016
more than to whatit would have grown in two years. Whatis the rate percentage?​

Answer 1

Solution :-

we know that, when rate is compounded annually ,

• A = P[1 + (R/100)]ᵀ

Where,

• A = Amount .
• P = Principal = Let P
• R = Rate of interest per annum = Let R .
• T = Time .

so,

→ Amount after 5 years = 1.191016 * Amount after 2 years .

→ P[1 + (R/100)]⁵ = 1.191016 * P[1 + (R/100)]²

→ [1 + (R/100)]⁵ / [1 + (R/100)]² = 1.191016

→ [1 + (R/100)]³ = 1.191016

→ [1 + (R/100)]³ = (1.06)³

→ 1 + (R/100) = 1.06

→ (R/100) = 1.06 - 1

→ (R/100) = 0.06

→ R = 0.06 * 100

→ R = 6% (Ans.)

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