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Question
Calculate the rate percent when Rs 28000 amount to Rs 30870 in 2 years at compounded annually.
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Solution
Here P = Rs.28000, A = 30870, t = 2 years
Now, `"P"(1 + "r"/100)^"t"` = A
⇒ `28000(1 + "r"/100)^2`
= 30870
⇒ `(1 + "r"/100)^2`
= `(30870)/(28000)`
= `(441)/(400)`
= `(21/20)^2`
⇒ `1 + "r"/(100) = (21)/(20)`
⇒ `"r"/(100) = (21)/(20) - 1`
= `(1)/(20)`
⇒ R = `(100)/(20)`
= 5
Hence rate of interest is 5%.
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