Udai invested $60,000 in the finance company. he received $68694 after 2 years. if the interest was compounded annually , at what rate did he invest his money
Answers
Answered by
6
Answer:
7.245%
Step-by-step explanation:
68694 = 60000(1 + 2×i)
68694 = 60000+120000×i
8694 = 12000×r/100
8694/12000×100 =r
r = 7.245%
Answered by
50
Step-by-step explanation:
Principal =60000
Time (n)= 2 years
Amount= 68694
Amount = P(1+r/100)^n
68694= 60000( 1+r/100)^2
68694/60000= (1+r/100)^2
11449/10000=(1+r/100)^2
(107/100)^2 =(1+r/100)^2
107/100=(1+r/100)
107/100-1=r/100
7/100=r/100
r=100×7/100
r=7%
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