Question

what will be the rate of CI per annum by which a sum of money becomes 1.96 times in 2 years?

Answer 1

Answer:

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Answer 2

Answer:

$amount = principal \times {(1 + \frac{r}{100}) }^{2}$

$1.96 \times principal \: = principal \: \times {( \frac{100 + r}{100}) }^{2}$

$\sqrt{1.96} = { (\frac{100 + r}{100} )}$

$1.4 = \frac{100 + r}{100}$

$1.4 \times 100 = 100 + r$

$140 - 100 = r$

$r = 40$