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Question

At what rate per cent per annum will Rs 4000 amount to Rs 4410 in 2 years when compounded annually?


Solution

Let R% p.a. be the required rate. A = 4410P = 4000n = 2 yearsNow, A = P 1+R100n4410 = 4000 1+R100244104000= 1+R1002441400= 1+R100221202= 1+R10022120-1= R10021-2020= R100120=R100R = 1×10020= 5Hence, the required rate is 5% p.a.

Mathematics
RS Aggarwal (2016)
Standard VIII

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