Question
Download Solution PDF₹20,000 amounts to ₹22,260.50 in 2 years at compound interest, compounded annually. The rate of interest is :
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven :
P = Rs 20000
A = 22,260.50
Time = 2 Years
Formula used :
⇒ A = P [ 1 + R / 100 ]n
Where :
A = Amount
P = Principal amount
R = Rate
n = Time
Solution :
A = P [ 1 + R / 100 ]n
⇒ 22,260.50 = 20000 [ 1 + R / 100 ]2
⇒ 22,260.50 / 20000 = [ 1 + R / 100 ]2
⇒ 1.113025 = [ 1 + R / 100 ]2
⇒ 1.055 = 1 + R / 100
⇒ 105.5 = 100 + R
⇒ R = 5.5 %
Hence the correct answer is "5.5 %".
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