At what rate the compound interest compounded annually will Rs 7500 becomes Rs 9075 in 2 years - Maths - Life Mathematics

Question

At what rate the compound interest compounded annually will Rs 7500
becomes Rs 9075 in 2 years

Manbar Singh · Accepted Answer

We have,Principal, P = Rs 7500Time,n = 2 yrsAmount, A = Rs 9075Let R% be the rate of interest
    A = P1 + R100n⇒9075 = 75001 + R1002⇒90757500 = 1 + R1002⇒121100 = 1 + R1002⇒11102 = 1 + R1002⇒1 + R100 = 1110⇒R100 = 1110 - 1⇒R100 = 11-1010⇒R100 = 110⇒R = 10So, rate of interest is 10% p
a