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At what rate per annum does the compound interest of Rs 576 becomes to Rs 153 in 2 years

User Sarath
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3 votes

Answer:

The value of rate per annum is R = 12.5 %

Explanation:

Principal amount = 576

Interest = 153

Amount after 2 years = 576 + 153 = 729

We know that


A = P [1 + (R)/(100) ] ^(T)

Put all the values in above equation


729 = 576 [1 + (R)/(100) ]^(2)


(27)/(24) = 1 + (R)/(100)

R = 12.5 %

This is the value of rate per annum.

User Greektreat
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