2000 rupees is invested is a scheme giving interest compounded annually. After two years the amount became 2205 rupees. What is the rate of interest?

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Solution

Amount, A = Rs.2205

Principal, P = Rs.2000

Time, t = 2 years

Let the rate of interest be R% per annum.

Thus, the rate of interest is 5% per annum.

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2000 rupees is invested is a scheme giving interest compounded annually. After two years the amount became 2205 rupees. What is the rate of interest?

Amount, A = Rs.2205 Principal, P = Rs.2000 Time, t = 2 years Let the rate of interest be R% per annum. Thus, the rate of interest is 5% per annum.

Amount, A = Rs.2205

Principal, P = Rs.2000

Time, t = 2 years

Let the rate of interest be R% per annum.

Thus, the rate of interest is 5% per annum.