At what rate percent per annum will Rs.1000 amount to Rs.1,102.25 in 2 years , interest being compounded annually?
1102.25=1000(1+r)^2
1.10225=(1+r)^2
Sqrt(1.10225)-1=r
There you go Rosala.
I logged on with my phone just for y. Can you finish it ? ☺
No melody I have no idea! Pls can you solve it using this formula
A= P(1+r)^n/100
Melody n will be the years
1102.25=1000(1+r)^2/100
now pls can you solve it
I'm really thankful to you for logging in for me!
It should not be over 100 rosala.
in my formula r will be a decimal
You will need to change it to a percentage.
The 100 where you have put it is definitely wrong. 😯
1102.25=1000(1+r)^2/100
We don't need the 100, rosala
1102.25=1000(1+r)^2 divide both sides by 1000
1.10225 = (1 + r)^2 take the square root of both sides
1.0499 = 1 + r subtract 1 from both sides
.0499 = r = about 5%
Yeah, rosala....you're correct.....I applied it at the end to convert the decimal to a percent......it should be 100%, though......not just 100...!!!
We could have put it at the beginning.....it doesn't matter....
So the formula is
A= P(1+r)^n x 100%