If Rs. 10000 amounts to Rs. 11664 invested in compound interest

If Rs. 10000 amounts to Rs. 11664 invested in compound interest (compounded annually) for two years then the annual rate of compound interest is

Given that , Amount ( A ) = Rs. 11664 , P = Rs. 10000 , Rate = R% , Time = 2 years
We can find required answer with the help of given formula ,

A = P		1 +	R		^T
			100

⇒ 11664 = 10000		1 +	R		²
			100

⇒	11664	=		1 +	R		²
	10000				100

⇒		108		²	=		1 +	R		²
		100						100

⇒ 1 +	R	=	108
	100		100

⇒	R	=	108	− 1 =	8
	100		100		100

∴ R =	8	× 100
	100

R = 8% per annum