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Question
At what per cent per annum will Rs. 6,000 amount to Rs. 6,615 in 2 years when interest is compounded annually?
Solution
Amount = `"P"( 1 + r/100)^n`
⇒ 6,615 = `6,000( 1 + r/100 )^2`
⇒ `( 1 + r/100 )^2 = [6,615]/[6,000]`
⇒ 1 + `r/100 = 21/20`
= r = 5%
At 5% per annum the sum of Rs. 6,000 amounts to Rs. 6,615 in 2 years when the interest is compounded annually.
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