At what rate of compound interest per annum will a sum of Tk. 1600 becomes Tk. 2304 in 2 years?

A

20%

B

15%

C

12%

D

30%

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Question: At what rate of compound interest per annum will a sum of Tk. 1600 becomes Tk. 2304 in 2 years?

Solution:
Principal, P = 1600 টাকা
Amount, A = 2304 টাকা
Time, n = 2 years
Rate, r = ?

We know,
A = P × (1 + r/100)n
2304 = 1600 × (1 + r/100)2
(1 + r/100)2 = 2304/1600
(1 + r/100) = 48/40 [উভয়পাশে বর্গমূল করে]
1 + r/100 = 6/5
r/100 = 6/5 - 1
r/100 = (6 - 5)/5
r/100 = 1/5
r = 100/5
r = 20

Interest rate 20%

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Updated: 8 hours ago

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