what percent annum rate is equivalent to 1 paisa per Rs 10 per day
Answers
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Step-by-step explanation:
Sum = Rs. 1000
Amount = Rs. 1102.50
Time =2 year
Let rate of interest be R%
Amount=P(1+
100
R
)
2
⇒1102.50=1000(1+
100
R
)
2
⇒
1000
1102.50
=(1+
100
R
)
2
⇒
400
441
=(1+
100
R
)
⇒(
20
21
)
2
=(1+
100
R
)
2
⇒1+
100
R
=
20
21
⇒
100
R
=
20
21
−1
⇒
100
R
=
20
1
⇒R=
20
100
=5%
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