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We are given that Rs. 20,000 amounts to Rs. 23,328 in two years compounded annually.
Let the Principal sum of money = P
Rate of Interest = R
Time Period = T
Amount of money = A
As we know that compound interest formula is given by;
Amount =
Or
Now, we are given with P = Rs 20,000 , A = Rs 23,328 and T = 2 years; we have to find the rate of interest ;
So, putting values in above equation we get;
Taking square root on both sides, we get;
(1 + R) =
(1 + R) = 1.08
R = 1.08 - 1 = 0.08 or 8%
Therefore, rate of interest is 8% per annum.