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If the amount after 2 years at compound interest is Rs. 1210 and the principal is Rs. 1000, what is the rate of interest?

Practice Questions

1 question
Q1
If the amount after 2 years at compound interest is Rs. 1210 and the principal is Rs. 1000, what is the rate of interest?
  1. 10%
  2. 5%
  3. 12%
  4. 15%

Questions & Step-by-step Solutions

1 item
Q
Q: If the amount after 2 years at compound interest is Rs. 1210 and the principal is Rs. 1000, what is the rate of interest?
Solution: Using the formula A = P(1 + r)^t, we have 1210 = 1000(1 + r)^2. Solving gives r = 0.1 or 10%.
Steps: 0

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