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At what rate percent per annum will a sum of Rs. 4000 yield compound interest of Rs. 410 in 2 years?
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Solution
Principal (P) = Rs. 4000
C.I = Rs. 410
∴ Amount (A) = Rs.
4000 + 410 = Rs. 4410
Let rate =R% p.a.
Period (n) = 2 years.
∴ Amount
=P(1+R100)n
⇒AP=(1+R100)2
⇒Rs.44104000=(1+R100)n
⇒4414000=[1+R100]2
⇒(2120)2=(1+R100)2
Comparing, we get
1+R100=2120=1+120
∴R100=120⇒R=10020=5
∴ Rate =5% p.a
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