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ICSE Class 9 Answered

at what rate per cent per annum will  6000 amount to 6615 in 2 years when interst is compounded annually
Asked by omkumar1234 | 16 Mar, 2019, 02:59: PM
answered-by-expert Expert Answer
Compound interest formula : p[ 1+ (r/100) ]n = A
 
where p = principle amount = Rs.6000
           r = rate of interest per annum
           n = number of years = 2 years
           A = total amount = principle + interest = 6615
 
Hence we have,  6000 [ 1 +(r/100) ]2 = 6615
 
[ 1 + (r/100) ] = begin mathsize 12px style square root of 6615 over 6000 space end root end style = 1.05  ;   Hence r = 5%
Answered by Thiyagarajan K | 16 Mar, 2019, 09:24: PM

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