Practicing Success
Practicing Success
CUET Preparation Today
At what rate of compound interest (Compounding annually) per annum will a sum of Rs.1000become Rs.1,060.90 in 2 years ? |
2 % per annum 4% per annum 3% per annum 5% per annum |
3% per annum |
Amount = Principal × ( 1 + \(\frac{rate }{100}\) )t 1060.90 = 1000 × ( 1 + \(\frac{rate }{100}\) )² \(\frac{1060.90 }{1000}\) = ( \(\frac{rate }{100}\))² On solving , Rate = 3% |
