Question

Z Tick() the correct answer: Mr.X invested 1800 at a compound rate of interest for 2 years. He got # 1984.50 after the specified period. Find the rate of interest. (a) 4% p.a. (b) 5% p.a. (c) 6% p.a. (d) 61 p.a. 2.​

Answer 1

Answer:

b) 5% p.a

Step-by-step explanation:

after first year his principal amount would be

1800 + 1800 × 5/100 = 1890

next year his investment would be,

1890 + 1890×5/100 = 1890 + 94.5 = 1894.5