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Question

Tick the correct answer in each of the following: 

At what rate per cent per annum will a sum of Rs 7500 amount to Rs 8427 in 2 years. Compounded annually ?

(a) 4%        (b) 5%        (c) 6%        (d) 8%


Solution

Sum (P) = Rs. 7500Amount (A) = 8427Period = 2 yearsLet R be the rate of p.a., then AP=(1+R100)n 84277500 = (1+R100)2 28092500=(1+R100)2 (5350)2=(1+R100)2 1+R100=5350 R100=53501=350 R=350×100=6%


Mathematics
Secondary School Mathematics VIII
Standard VIII

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