Asum of ₹ 1,000 becomes ₹ 1,144.90 in 2 years. At whatrate is the interest is compounded annually?
Given, Principal = Rs.1000
Amount = Rs.1144.9
Time period = 2 years
$$1000 \times (1+\dfrac{R}{100})^2 = 1144.9$$
=> $$(1+\dfrac{R}{100})^2 = \dfrac{1144.9}{1000} = \dfrac{11449}{10000}$$
=> $$1+\dfrac{R}{100} = \dfrac{107}{100}$$
=> $$\dfrac{R}{100} = \dfrac{7}{100}$$
=> R = 7 %
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