A man invests an amount at compound interest. If the amount becomes 1.44 times the principal after two years, what is the annual rate of interest?
- 15%
- 20%
- 22%
- None of these
Explanation
Formula: Amount = Principal _ (1 + r/100)^n
Given:
Amount = 1.44 _ Principal
n = 2 years
Put values:
1.44 _ P = P _ (1 + r/100)^2
Cancel P from both sides:
(1 + r/100)^2 = 1.44
Take square root both sides:
1 + r/100 = 1.2
r/100 = 1.2 - 1 = 0.2
r = 0.2 * 100 = 20
Last verified on 02-09-2026
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