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At what rate per annum will Rs. $640$ amount to $774.40$ in $2$ years, when interest is being compounded annually?Answer Verified
Hint: We have given amount, principal amount and time. We have to calculate the rate of interest. The rate of interest is compounded annually. To calculate this there is a relation between Amount, Principal amount, Rate of interest and time. Which is give as Note: Principal amount: Principal amount is total amount of money borrowed, not including any interest as dividends. Free 20 Questions 30 Marks 18 Mins Given: Principal = Rs 640 Amount = Rs 774.40 Time = 2 years Concept: A = P (1 + R/100)n Calculation: Let rate = R% By using the formula, ⇒ A = P (1 + R/100)n ⇒ 774.40 = 640 (1 + R/100)2 ⇒ (1 + R/100)2 = 774.40/640 ⇒ (1 + R/100)2 = 484/400 ⇒ (1 + R/100)2 = (22/20)2 ⇒ By cancelling the powers on both sides, (1 + R/100) = (22/20) ⇒ R/100 = 22/20 – 1 = (22 - 20)/20 = 2/20 ⇒ R = 100/10 = 10% ∴ Required Rate is 10% per annum. Latest TNPSC Group 2 Updates Last updated on Sep 26, 2022 The Tamil Nadu Public Service Commission (TNPSC) has released the TNPSC Group 2 Admit Card for the Prelims exam. The prelims exam is scheduled to be conducted on 21st May 2022. A total of 5529 vacancies have been released by the commission for the recruitment of the posts under TNPSC Group 2 like Assistant Section Officer, Revenue Assistant, Assistant, etc. Candidates can refer to the TNPSC Group 2 Previous Year Papers to analyze the type of questions and level of the examination and improve their preparation as well. Let's discuss the concepts related to Interest and Compound Interest. Explore more from Quantitative Aptitude here. Learn now! Given details are, Principal = Rs 640 Amount = Rs 774.40 Time = 2 years Let rate = R% By using the formula, A = P (1 + R/100)^n 774.40 = 640 (1 + R/100)^2 (1 + R/100)^2 = 774.40/640 (1 + R/100)^2 = 484/400 (1 + R/100)^2 = (22/20)^2 By cancelling the powers on both sides, (1 + R/100) = (22/20) R/100 = 22/20 – 1 = (22-20)/20 = 2/20 = 1/10 R = 100/10 = 10% ∴ Required Rate is 10% per annum Given details are, Principal = Rs 640 Amount = Rs 774.40 Time = 2 years Let rate = R% By using the formula, A = P (1 + R/100)n 774.40 = 640 (1 + R/100)2 (1 + R/100)2 = 774.40/640 (1 + R/100)2 = 484/400 (1 + R/100)2 = (22/20)2 By cancelling the powers on both sides, (1 + R/100) = (22/20) R/100 = 22/20 – 1 = (22-20)/20 = 2/20 = 1/10 R = 100/10 = 10% ∴ Required Rate is 10% per annum. At what rate percent per annum will ₹ 8000 produce ₹ 400 interest in 2 years?∴ Rate of Interest is 5% per annum.
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