Knockout JEE Main April 2021 (One Month)
Personalized AI Tutor and Adaptive Time Table, Self Study Material, Weekend Live Classes, Mentorship from our Experts, Unlimited Mock Tests and Personalized Analysis Reports, 24x7 Doubt Chat Support,.
Personalized AI Tutor and Adaptive Time Table, Self Study Material, Weekend Live Classes, Mentorship from our Experts, Unlimited Mock Tests and Personalized Analysis Reports, 24x7 Doubt Chat Support,.
Personalized AI Tutor and Adaptive Time Table, Self Study Material, Weekend Live Classes, Mentorship from our Experts, Unlimited Mock Tests and Personalized Analysis Reports, 24x7 Doubt Chat Support,.
Personalized AI Tutor and Adaptive Time Table, Self Study Material, Weekend Live Classes, Mentorship from our Experts, Unlimited Mock Tests and Personalized Analysis Reports, 24x7 Doubt Chat Support,.
Personalized AI Tutor and Adaptive Time Table, Self Study Material, Weekend Live Classes, Mentorship from our Experts, Unlimited Mock Tests and Personalized Analysis Reports, 24x7 Doubt Chat Support,.
Unlimited Chapter Wise Tests, Unlimited Subject Wise Tests, Unlimited Full Mock Tests, Get Personalized Performance Analysis Report,.
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.