Question

A certain sum of money is put at compound interest compounded half yearly

Answer 1

A certain sum of money is put at compound interest, compounded half yearly if the interest for 2 successive half years are rupees 650 and rupees 760.50 find the rate of interest.

Answer 2

Explanation:

The required Rate of Interest = 34%

Step-by-step explanation:

Compound interest for one half-year = Rs. 650

Compound interest for next half year = Rs. 760.50

So, Compound interest for second half-year = 760.50 - 650

Hence, The required Rate of Interest = 34%