A sum of Rs.16000 earns a compound interest of Rs.252 in 18 months, when the interest is compounded half-yearly. Find the rate of interest.
Answers
Answered by
0
Answer:
0976788373738373738383
Answered by
0
Answer:
Amount at the end of 18 months 16000+2522=18522
Now, we know that for CI
A=P(1+
n
r
)
nt
where P=16000
t=18 months=
2
3
years
n=2 (as it is compounded half-yearly)
r= rate of interest
A= Amount
So,
18522=16000(1+
2
r
)
2
3
∗2
⇒
16000
18522
=(1+
2
r
)
3
⇒
3
16000
18522
=(1+
2
r
)
⇒10.5=1+
2
r
⇒r=19
So, Rate of interest is 19%
Similar questions