Question 179
The compound interest accrued on a sum of Rs. 7,500 in two years is Rs.927. What would be the rate of interest p.c.p.a. ?
Solution
Given,
Compound interest (CI) = 927
Time period (t)= 2 years
principle amount (P)= 7500
CI = P{$$[1+\frac{r}{100}]^{t}$$ - 1}
927 = 7500{$$[1+\frac{r}{100}]^{2}$$ -1}
On solving , r = 6%
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