Question
At what rate per cent per annum will a sum of Rs.1,000 amounts to Rs.1,102.50 in 2 years at compound interest ?
Answer: Option B
Answer: (b)Using Rule 1,A = P$(1 + R/100)^T$Let rate be 'r'${1102.50}/1000 = (1 + r/100)^2$$11025/10000 = (1 + r/100)^2$$(105/100)^2 = (1 + r/100)^2$1 + $r/100 = 105/100$$r/100 = 5/100$ = 5%
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Answer: (b)Using Rule 1,A = P$(1 + R/100)^T$Let rate be 'r'${1102.50}/1000 = (1 + r/100)^2$$11025/10000 = (1 + r/100)^2$$(105/100)^2 = (1 + r/100)^2$1 + $r/100 = 105/100$$r/100 = 5/100$ = 5%
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