Question

Ranjan invests Rs. 15,360 for 2 years at a certain rate compounded annually. At the end of one year, it amounts to Rs. 16,320. Find the rate of interest and the amount at the end of second year.

Answer 1

Answer:

i) 6.25%

ii) 17340 ruppee

Step-by-step explanation:

i)p = 15360

amount paid at 1 year = 16320

for 1 year A = p(1 +r/100)

16320/15360 = (1+ r/100)

r/100 = 16320/15360 - 1

r/100= 0.0625

r = 6.25

ii) r = 6.25

t = 2 years

p = 15360

A = p(1+r/100)^2

15360×[1+6.25/100)^2

15360×[1.0625)^2

= Rs.17350

Mark me as a brainlist