Question

Rs 2000 amounts to rs 2226.05 in two years at compound interest .The rate of interest is?

Answer 1

Answer:

Step-by-step explanation:

Answer 2

rate of interest is 5.5% per annum.

it is given,

amount after 2 years , A = 2226.05 Rs.

principal, P = 2000 Rs.

time period, n = 2

using formula,

A = P(1 + r/100)²

⇒2226.05 = 2000(1 + r/100)²

⇒(2226.05/2000) = (1 + r/100)²

⇒(1.113025) = (1 + r/100)²

⇒1 + r/100 = √(1.113025) = 1.055

⇒r/100 = 0.055

⇒r = 0.055 × 100 = 5.5 %

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