what sum will amount to rupees 7440 at 5% per annum for 8 months
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Answer:
Answer
Given: P= 640, A= 774.40, n=2 years, r=?
We know, A=P(1+
100
r
)
n
∴774.40=640(1+
100
r
)
2
640
774.40
=(1+
100
r
)
2
64000
77440
=(1+
100
r
)
2
100
121
=(1+
100
r
)
2
(
10
11
)
2
=(1+
100
r
)
2
10
11
=1+
100
r
100
r
=
10
11
−1
100
r
=
10
11−10
100
r
=
10
1
r=
10
100
=10
Rate r=10% per annum
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