Answer:
The value of rate per annum is R = 12.5 %
Step-by-step explanation:
Principal amount = 576
Interest = 153
Amount after 2 years = 576 + 153 = 729
We know that
[tex]A = P [1 + \frac{R}{100} ] ^{T}[/tex]
Put all the values in above equation
[tex]729 = 576 [1 + \frac{R}{100} ]^{2}[/tex]
[tex]\frac{27}{24} = 1 + \frac{R}{100}[/tex]
R = 12.5 %
This is the value of rate per annum.
