Question

At what rate per cent per annum will rs 6000 amount to rs 6615 in two years when interest is compounded annually?

Answer 1

Answer: 5%

Explanation:

`6615=6000(1+r)^(2) \\ \\ 1.1025=(1+r)^(2) \\ \\ 1.05=1+r \\ \\ r=0.05=\boxed{5\%}`