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A sum becomes 1.69 times of itself in 2 years when invested at compound interest. What is the per annum rate of interest (in percentage)?
- A38
- B34.5
- C13
- D30
Answer not set
Discussion 1
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CCommunity
Let principal be Rs. P
⇒ Compounded Amount = Principal{1 + (rate/100)}time
⇒ 1.69P = P{1 + (rate/100)}2
⇒ 1.69 = {1 + (rate/100)}2
⇒ 1.3 = 1 + (rate/100)
∴ rate = 30%
⇒ Compounded Amount = Principal{1 + (rate/100)}time
⇒ 1.69P = P{1 + (rate/100)}2
⇒ 1.69 = {1 + (rate/100)}2
⇒ 1.3 = 1 + (rate/100)
∴ rate = 30%