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Get Answers to all your Questions
If Rs.2000 amounts to Rs.2880 in 2 years at compound interest, what is the rate of interest per annum if the interest is being compounded annually?
Option: 1
10%
Option: 2
20%
Option: 3
15%
Option: 4
25%
Answers (1)
P = 2000, A = 2880, T = 2 years, R =?
A = P [1 + R/100] T
2880 = 2000 [1 + R/100]2
2880/2000 = [1+R/100]2
$\sqrt{ }(144 / 100)=1+\mathrm{R} / 100$
1.2 = 100+R/100
1.2 = 100 + R / 100
R = 20 %
View full answer
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