Question
Download Solution PDFWhat is the rate percentage per annum if ₹4,800 amounts to ₹5,043 in 2 years when interest is compounded yearly?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal = Rs. 4800
Amount = Rs. 5043
Time = 2 years
Formula used:
A = P(1 + r/100)t
Calculation:
According to the question
A = P(1 + r/100)t
⇒ 5043 = 4800 × (1 + r/100)2
⇒ (1 + r/100)2 = (5043/4800)
⇒ (1 + r/100)2 = (1681/1600)
⇒ (1 + r/100)2 = (41/40)2
⇒ (100 + r)/100 = 41/40
⇒ (100 + r)/5 = 41/2
⇒ 200 + 2r = 205
⇒ 2r = (205 – 200)
⇒ 2r = 5
⇒ r = 2.5%
∴ The correct answer is option (3).
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