At what rate percent per annum will Rs 8000 amount to Rs 8820 in 2 years at compound interest?

Correct Answer:

Description for Correct answer:
Principal = Rs. 8000,

Amount = Rs. 8820

Let Rate % = R

Time = 2 years

By using formula,

\( \Large 8820=8000 \left(1+\frac{R}{100}\right)^{2}\)

\( \Large \frac{8820}{8000}= \left(1+\frac{R}{100}\right)^{2}\)

\( \Large \frac{441}{400}= \left(1+\frac{R}{100}\right)^{2}\)

Taking square root of both sides,

\( \Large \frac{21}{20}= \left(1+\frac{R}{100}\right)\)

R= 5 %

Part of solved Simple and compound interest questions and answers : >> Aptitude >> Simple and compound interest

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Find CI on a sum of Rs. 8000 for 2 years at 5 % per annum compounded annually.

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Correct Answer - Option 4 : 5%

GIVEN:

Principal = Rs.8000

Amount after 2 years = Rs.8820

CONCEPT:

As interest is compounded annually for 2 years, we have to square root both principal and amount and compare them to find the interest.

FORMULA USED:

Amount = Principal (1 + Rate/100)t

CALCULATION:

Let, the rate of interest be r%

Accordingly, 

8000 × (1 + r/100)2 = 8820

⇒ 8820/8000 = (1 + r/100)2

⇒ 441/400 = (1 + r/100)

⇒ 21/20 = 1 + r/100

⇒ r/100 = 1/20

⇒ r = 5

∴ Rate of Interest is 5%  per annum.

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