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Calculate at what rate of interest per a...

Calculate at what rate of interest per annum will Rs. 60000 amount to rs. 69984 in 2 years.

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Let the compound interest be r% per annum.
Here the principal is Rs. 60000 and the time is 2 years.
`:.` The amount of Rs. 60000 in 2 years `=Rs. 60000xx(1+r/100)^(2)`
As per question `60000xx(1+r/100)^(2)=69984`
`implies(1+r/100)^(2)=69984/60000`
`implies(1+r/100)^(2)=729/625`
`implies(1+r/100)^(2)=(27/25)^(2)implies1+r/100=27/25`
`impliesr/100=27/25-1impliesr/100=(27/25)/25`
`impliesr/100=2/25impliesr=(2xx100)/25impliesr=8`
Hence the rate of compound interest is 8% per annum.
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