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At what rate of compound interest per annum will a sum of Rs. 6000 become Rs. 6615 in 2 years?

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posted Mar 20 by anonymous

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1 Solution

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Rate of Interest is 5%
Principal (P) = 6000
Amount (A) = 6615
no. of years (n) = 2
Let 'r' be rate of interest.
Compound Interest formula:
A = P (1+r/100)^n
6615 = 6000(1+r/100)^2
6615/6000 = (1+r/100)^2
(6615/6000)^(1/2) = 1+r/100
1.05 = 1+r/100
r/100 = .05
r = 5%

solution Mar 21 by Vigneshvari

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