Question
Download Solution PDFThe interest on a sum of Rs.1,225 for two years is Rs.144 when the interest is compounded annually at a certain interest rate. Find the annual interest rate.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Sum = ₹1,225
Years = 2
Compound interest = 144
Formula used:
Amount = Sum + Compound Interest
Amount = Principal (1+ r/100)no of years
Calculation:
Amount = Sum + Compound Interest
Amount = 1225 + 144
= 1369
1369 = 1225 × (1 + r/100)2
1369/1225 = (1 + r/100)2
37/35= (1 + r/100)
37/35 - 1 = r/100
2/35 × 100 = r
r = 5(5/7)%
The answer is 5(5/7)%
Last updated on Jun 12, 2025
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