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Ruchi invested Rs. 1600 at the rate of compound interest for 2 years. She got Rs. 1764 after the specified period. Find the rate of interest.

 

Option: 1

5%


Option: 2

3%


Option: 3

7%


Option: 4

10%


Answers (1)

best_answer

Here, P=R1600,n=2 years, A=R1764
Now, according to the formula,
 Amount =P(1+R100)n
1764=1600(1+R100)2
17641600=(100+R100)2(2120)2=(100+R100)2
100+R100=2120100+R=2120×100
100+R=105
R=105100=5
 

Posted by

Suraj Bhandari

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