Question

the compound interest on a sum of RS 90000 deposited in a bank for a period of 2 years is Rs 14976. Find the rate of interest.​

Answer 1

Answer:

Given

Simple Interest = Rs 90000

Time = 2 years

principal = Rs 14976

Rate = ?

SI = P × R × T÷ 100

90000 =14976× R× 2 ÷100

90000× 100÷ 14976× 2= R

R=

Answer 2

The rate of interest is 8%

Step-by-step explanation:

Principal = Rs.90000

Compound interest = Rs.14976

Amount = Principal+Interest = 90000+14976=104976

Time = 2 years

Formula : $A=P(1+r)^t$

$104976=90000(1+r)^2$

$\frac{104976}{90000}=(1+r)^2$

$\sqrt{\frac{104976}{90000}}=1+r$

$\sqrt{\frac{104976}{90000}}-1=r$

0.08 =r

$8\% = r$

Hence The rate of interest is 8%

#Learn more:

Find the rate in which 90000 will amount to 115600 in 2 years​

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