A man borrowed Rs 62,500 from a bank, After 2 years
he paid Rs 67,600 in full settlement of his debt.
Find the rate of compound interest
Answers
Answered by
6
Answer:
c.i=67600-62500
=5100
C.i=P×R×R/100
5100=62500×R×2/100
5100=625×2×R
R=5100/1250
R=4.80percent
Answered by
4
Answer:
28.5%
Step-by-step explanation:
Amount = principle [1 + r/100] ^ 2
67,000 = 62,500 [1 +r/100] ^ 2
67000/62500 = 1 + r^2/10000
(1.0816 – 1) * 10000 = r^2
R^2 = 10000*0.0816
R = √816 = 28.5%
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