To find the rate of interest in a compound interest scheme, we can use the formula for compound interest which is:

A = P (1 + r/n)^(nt)

Where:
A = the amount of money accumulated after n years, including interest.
P = principal amount (the initial amount of money)
r = annual interest rate (in decimal)
n = number of times that interest is compounded per year
t = time the money is invested for in years

Given in the problem:
A = Rs. 25958.4
P = Rs. 24000
t = 2 years
n = 1 (assuming the interest is compounded annually)

We can substitute these values into the formula and solve for r:

25958.4 = 24000 (1 + r/1)^(1*2)

Divide both sides by 24000:

1.0816 = (1 + r)^2

Take the square root of both sides:

1.040 = 1 + r

Subtract 1 from both sides:

0.040 = r

So, the annual interest rate is 0.040 or 4%.

Question

To find the rate of interest in a compound interest scheme, we can use the formula for compound interest which is:

A = P (1 + r/n)^(nt)

Where:
A = the amount of money accumulated after n years, including interest.
P = principal amount (the initial amount of money)
r = annual interest rate (in decimal)
n = number of times that interest is compounded per year
t = time the money is invested for in years

Given in the problem:
A = Rs. 25958.4
P = Rs. 24000
t = 2 years
n = 1 (assuming the interest is compounded annually)

We can substitute these values into the formula and solve for r:

25958.4 = 24000 (1 + r/1)^(1*2)

Divide both sides by 24000:

1.0816 = (1 + r)^2

Take the square root of both sides:

1.040 = 1 + r

Subtract 1 from both sides:

0.040 = r

So, the annual interest rate is 0.040 or 4%.

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