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.
5%
3%
7%
10%
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=2120⇒100+R=2120×100 ⇒100+R=105 ∴R=105−100=5
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