Question

Sonika invested an amount of 5,800 for 2 years. At what in 2 rate of compound interest will she get an amount of 594.5 at the end of two years ?

Answer 1

Answer:

Description for Correct answer:

Amount = P (R100)T

=> 5800 + 594.5

= 5800 (1+R100)2

=> 6394558000=(1+R100)2

=> 441400=(1+R100)2

=> (2120)2=(1+R100)2

=> 1 + R100=2120

=> R = 120×100

= 5 % per annum

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