# If a sum of money compounded annually becomes 1.44 times of itself in 2 years, then the rate of interest per annum is

2
by divank

2015-03-22T01:13:36+05:30

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P = principal
Sum accumulated = S = P (1 + r/100)² = 1.44 P
=>  1 + r/100 = 1.2
=> r = 20 %

2015-03-22T08:18:03+05:30

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S = P (1 + r/100)²
given that the sum of the money compounded annually becomes 1.44 times of itself in 2 years
1.44P = P(1+r/100)
²
1+r/100 = √1.44 (by taking LCM)
100+r/100 = 1.2
100+r = 1.2×100
100+r = 120
r = 120-100
r = 20 percentage