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At some rate per annum the amount with compound interest on Rs. 1600 for 2 years is Rs. 1730.56. The rate of interest per annum is:
- a)10%
- b)2%
- c)4%
- d)5%
Correct answer is option 'C'. Can you explain this answer?
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Verified Answer
At some rate per annum the amount with compound interest on Rs. 1600 f...
We know that,
Where, A = Final amount, P = Principal amount, R = % rate of interest, T = time period in years
Here, P = Rs. 1600, T = 2 years, A = 1730.56
Thus, rate of R% per annum is 4%
Where, A = Final amount, P = Principal amount, R = % rate of interest, T = time period in years
Here, P = Rs. 1600, T = 2 years, A = 1730.56
Thus, rate of R% per annum is 4%
Most Upvoted Answer
At some rate per annum the amount with compound interest on Rs. 1600 f...
Given:
Principal amount (P) = Rs. 1600
Compound interest (A) = Rs. 1730.56
Time (t) = 2 years
We need to find the rate of interest per annum (R).
Using the formula for compound interest:
A = P(1 + R/100)^t
Substituting the given values:
1730.56 = 1600(1 + R/100)^2
Simplifying the equation:
1730.56/1600 = (1 + R/100)^2
1.0816 = (1 + R/100)^2
Taking square root on both sides:
√1.0816 = 1 + R/100
1.039 = 1 + R/100
R/100 = 1.039 - 1
R/100 = 0.039
R = 0.039 * 100
R = 3.9%
Therefore, the rate of interest per annum is 3.9%, which is approximately equal to 4%.
Hence, the correct answer is option C) 4%.
Principal amount (P) = Rs. 1600
Compound interest (A) = Rs. 1730.56
Time (t) = 2 years
We need to find the rate of interest per annum (R).
Using the formula for compound interest:
A = P(1 + R/100)^t
Substituting the given values:
1730.56 = 1600(1 + R/100)^2
Simplifying the equation:
1730.56/1600 = (1 + R/100)^2
1.0816 = (1 + R/100)^2
Taking square root on both sides:
√1.0816 = 1 + R/100
1.039 = 1 + R/100
R/100 = 1.039 - 1
R/100 = 0.039
R = 0.039 * 100
R = 3.9%
Therefore, the rate of interest per annum is 3.9%, which is approximately equal to 4%.
Hence, the correct answer is option C) 4%.
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