Question
An amount of Rs. 13,000 is invested at a certain annual
compound interest rate, with interest compounded yearly. After 2 years, the total amount grows to Rs. 18,101.20. Determine the rate of interest at which the investment was made.Solution
Let the rate of interest = 'y%' p.a. Total amount received = 13000 X {1 + (y/100)}2 = 18101.2 Or, {(100 + y)/100}2 = 18101.2 ÷ 13000 = 1.3924 Or, {(100 + y)/100} = √1.3924 = 1.18 So, 100 + y = 118 So, y = 118 - 100 = 18 The sum was invested at compound interest of 18% p.a.
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