Question

7 Find the rate per cent per annum, if compounded yearly (ii) Principal=3136, Compound interest=*345, Time = 2 years.​

Answer 1

Step-by-step explanation:

Given :-

Principal = Rs. 3136,

Compound interest = Rs.345,

Time = 2 years.

To find :-

Find the rate per cent per annum, if compounded yearly ?

Solution :-

Given that

Principal = Rs. 3136,

Compound interest = Rs.345

We know that

Amount = Principle + Interest

=> A = 3136 + 345

=> A = Rs. 3481

Time = 2 years.

If compounded yearly then number of time for two years = 2

Let the rate of interest be R %

We know that

Amount = P[1+(R/100)]^n

On substituting these values in the above formula

=> 3481 = 3136 [1+(R/100)]²

=> 3481/3136 = [1+(R/100)]²

=> 59²/56² = [1+(R/100)]²

=> (59/56)² = [ 1+(R/100)]²

On comparing both sides then

=> 59/56 = 1+(R/100)

=> 1+(R/100) = 59/56

=> R/100 = (59/56)-1

=> R/100 = (59-56)/56

=> R/100 = 3/56

=> R = (3/56)×100

=> R = (3×100)/56

=> R = 300/56

=> R = 75/14

=> R = 5.357...

=> R = 5.36%

Therefore, R = 5.36%

Answer:-

Rate of Interest for the given problem is 75/14% or 5.36%

Used formulae:-

→ Amount = P[1+(R/100)]^n

→ Amount = Principle + Interest

• P = Principle
• R = Rate of Interest
• n = number of times the interest calculated compoundly.

Answer 2

Step-by-step explanation:

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