Question

Rohit received 7260 on
investing 6000 for 2 years. At
what rate of interest compounded
annually did he invest?​

Answer 1

Answer:

r=10%

Step-by-step explanation:

Answer 2

Answer:

Let the rate of interest is equal to r per annum.

a). For one year,

P=Rs. 6000

A=Rs. 6720

n=1 years

Now, we will substitute the given values in the formula to calculate amount,

A6720600672100rr=P(1+100r)n=6000(1+100r)1=1+100r=60072=12

Hence the rate of interest is equal to 12%.

b). Amount at the end of the second year will be,

A=P(1+100r)n=6000(1+10012)2=6000(2528)2=7526.4

Hence the amount at the end of the second tear will be Rs. 7526.4.