Sonika invested an amount of ₹ 5800 for 2 yea | vedclass

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(A) Given: Principal $(P)$ = ₹ $5800$,Time $(n)$ = $2$ years,Compound Interest $(CI)$ = ₹ $594.5$.The formula for Compound Interest is: $CI = P \left[

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$5$

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(A) Given: Principal $(P)$ = ₹ $5800$,Time $(n)$ = $2$ years,Compound Interest $(CI)$ = ₹ $594.5$.The formula for Compound Interest is: $CI = P \left[ \left( 1 + \frac{r}{100} \right)^n - 1 \right]$Substituting the values:$594.5 = 5800 \left[ \left( 1 + \frac{r}{100} \right)^2 - 1 \right]$$\frac{594.5}{5800} = \left( 1 + \frac{r}{100} \right)^2 - 1$$0.1025 = \left( 1 + \frac{r}{100} \right)^2 - 1$$1.1025 = \left( 1 + \frac{r}{100} \right)^2$Taking the square root on both sides:$\sqrt{1.1025} = 1 + \frac{r}{100}$$1.05 = 1 + \frac{r}{100}$$0.05 = \frac{r}{100}$$r = 5 \%$Thus,the rate of interest is $5 \%$ per annum.

Sonika invested an amount of ₹ $5800$ for $2$ years. At what rate of compound interest ($\%$ per annum) will she get an amount of ₹ $594.5$ as interest at the end of two years?

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