A man deposited 10000 in an account which gives simple interest. He withdrew the amount and interest after two years. He would have got * 64 more, had interest been compounded. What was the rate of interest as a percent ?
Answers
Answer:
64. 0000
Step-by-step explanation:
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Answer: 8%
Step-by-step explanation:
Simple Interest:
Interest = Principal Amount ⨉ Year ⨉ Rate Of Interest
100
Total Amount = Interest + Principal Amount
interest = 10,000 ⨉ 2 ⨉ 8
100
= 100 ⨉ 2 ⨉ 8
= 1600
Total Amount( Amount + Interest = 10,000+1,600 ) = 11,600
____________________________________________
Compound Interest:
Total Amount = Principal Amount( 1 + Rate Of Interest/100)^Year
10,000( 1 + 8/100 )²
= 10,000(108/100)²
=10,000 ⨉ 108 ⨉ 108
100 ⨉ 100
= 1 ⨉ 108 ⨉ 108
= 11664 (Amount + Interest( 10,000+1,664 ))
_____________________________________________
Compound Interest - Simple Interest = 11,664 - 11,600 = 64