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Question
Calculate the rate per cent at which Rs 12,250 will yield Rs 3,116.40 as compound interest in 2 years.
Solution
P = Rs 12,250; A= Rs (12,250+3,116.40) =Rs 15,366.40 ; t = 2 years; r=?
`"A" = "P" (1 + "r"/100)^"n"`
Rs 15,366.40 = Rs12250`(1 + "r"/100)^2`
`15366.40/12250 = (1 + "r"/100)^2`
`(196)^2/(175)^2 = (1 + "r"/100)^2`
`196/175 = 1+ "r"/100`
`"r"/100 = 196/175 - 1 = (196 - 175)/175 = 21/175`
r = `2100/175 = 12%`
Hence , r = 12%
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