Compound Interest Practice Test 2

Question : 28 of 40

Marks: +1, -0

In a factory, the production of cement rose to 2,420 tonnes from 2,000 tonnes in two years. What is the rate of growth per annum?

Solution:

2420=2000(1+r/100)^2

2420/2000=(1+r/100)^2

1+r/100=22/20

r/100=22/20-1

r=2/20×100=10%

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