Question

a sum of rs 10000 yields rs 3310 as compond interest in 3 years if interset is compounded yearly, find the amount and rate of interest
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Answer 1

Step-by-step explanation:

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Answer 2

The amount is Rs.13310 and the rate of interest is 9.76%

Step-by-step explanation:

Principal = Rs.10000

Time = 3 years

Compound interest = Rs.3310

No. of compounds per year = n = 2

Amount = Principal+Interest

Amount = 10000+3310

Amount =Rs.13310

Formula:$A=P(1+\frac{r}{n})^{nt}$

Substitute the values in the formula:

$13310=10000(1+\frac{r}{2})^{2 \times 3}$

$\frac{13310}{10000}=(1+\frac{r}{2})^6$

$\sqrt[6]{\frac{13310}{10000}}=1+\frac{r}{2}$

$\sqrt[6]{\frac{13310}{10000}}-1=\frac{r}{2}$

$0.0488=\frac{r}{2}$

$0.0488 \times 2=r$

0.0976=r

9.76 % = r

Hence The amount is Rs.13310 and the rate of interest is 9.76%

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At what rate per annum compounded half yearly will the sum of Rs 10000 yield a compounded interest of Rs 404 in 1 year

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