Q. 193.6( 25 Votes )

At what rate per

Answer :

Let rate = R % per annum


P = Rs.640


A = Rs.774.40


Time = 2 years


Now,


Amount (A) = P (1 + R/100)n [Where, A = Amount with compound interest


P = Present value


R = Annual interest rate


n = Time in years]


A = P (1 + R/100)2


774.40 = 640 (1 + R/100)2


(1 + R/100)2 = 774.40/640


(1 + R/100)2 = 1.21


(1 + R/100) = √(1.21)


R/100 = (1.1) - 1


R/100 = 0.1


R = 0.1 × 100


R = 10


Rate = 10% per annuam.


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