A man borrowed 3125 for C.I. which amounted to4500 in 2 years. What was the rate of interest per annum?(A) 30% (B) 25% (C) 20% (D) 15%
Question
Solution 1
To find the rate of interest per annum, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where: A = Final amount (4500) P = Principal amount (3125) r = Rate of interest per annum (unknown) n = Number of times interest is compounded per year (assuming it is compounded annually, n = Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
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