a certain sum of money is put at compound interest compounded half yearly if interest for two successive half years are 650 and 760. 50 find out rate of the interest
Answers
Answered by
3
Answer:
ROI = 34
Step-by-step explanation:
Given,
Compound interest for one half-year = Rs. 650
Compound interest for next half year = Rs. 760.50
Time = 2.5 years
So, Compound interest for second half-year = 760.50 - 650 = Rs. 110.50
Interest = 650×0.5×rate/100
= 110.50 = 325×rate/100
= 11050 = 325×rate
= rate = 11050/325
= rate = 34%
Thus, the rate of interest is 34%
Similar questions