a certain sum of money is put at compound interest compounded half yearly if the interest of for two successive half years and rupees 650 and rupees 760. 50 find the rate of interest
Answers
Answer:
34%
Step-by-step explanation:
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%
Answer:
34 % per annum
Step-by-step explanation:
a certain sum of money is put at compound interest compounded half yearly if the interest of for two successive half years and rupees 650 and rupees 760. 50 find the rate of interest
Let say Amount = P
Rate of interest = R % per annum
Interest for first half year = P * R * (1/2) / 100 = PR/200
PR/200 = 650 - eq 1
PR = 130000
Amount after 1st half = P + PR/200 = P + 650
Interest in 2nd Year = (P + 650) * R * (1/2) /100 = PR/200 + 13R/4
PR/200 + 13R/4 = 760.50 - eq 2
eq 2 - eq 1
13R/4 = 760.50 - 650
=> 13R/4 = 110.5
=> 13R = 442
=> R = 34
Rate of interest = 34 % per annum