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Question

At what rate per annum will Rs.640 amount to 774.40 in 2 years, when interest is being compounded annually

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Solution

Given: P= 640, A= 774.40, n=2 years, r=?

We know, A=P(1+r100)n

774.40=640(1+r100)2

774.40640=(1+r100)2

7744064000=(1+r100)2

121100=(1+r100)2

(1110)2=(1+r100)2

1110=1+r100

r100=11101

r100=111010

r100=110

r=10010=10

Rate r=10% per annum.

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