36. At what rate of compound inter-est per annum will a sum of Rs.1200

1.	36. At what rate of compound inter-est per annum will a sum of Rs.1200 become Rs. 1348.32 in 2years?
Answer» Given, A = 1348.32, P = 1200, n = 2, R =? For compound interestA = P(1 + R/100)^n1348.32 = 1200(1 + R/100)^2(1 + R/100)^2 = 1348.32/1200(1 + R/100)^2 = 112.36/1001 + R/100 = 10.6/10R/100 = 6/100R = 6%

36. At what rate of compound inter-est per annum will a sum of Rs.1200 become Rs. 1348.32 in 2years?

Answer»

Given, A = 1348.32, P = 1200, n = 2, R =?

For compound interestA = P(1 + R/100)^n1348.32 = 1200(1 + R/100)^2(1 + R/100)^2 = 1348.32/1200(1 + R/100)^2 = 112.36/1001 + R/100 = 10.6/10R/100 = 6/100R = 6%

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36. At what rate of compound inter-est per annum will a sum of Rs.1200 become Rs. 1348.32 in 2years?

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