Question
Compound interest received after 2 years on ₹7000 at
R% rate of interest compounded annually is ₹1164.8. Find the value of R.Solution
CI = P (1 + R/100)² - P
7000*[(1 + R/100) 2 -1] = 1164.8
(1 + R/100) 2 = 8164.8/7000
R = 8%
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