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  • 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</str

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)

best_answer

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 %

 

Posted by

Ritika Harsh

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