Question

A sum of rs.16400 earns a compound interest of rs.1008.80 in 18 months, when the interest is reckoned half yearly.Find the rate of interest.​

Answer 1

Step-by-step explanation:

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Answer 2

Şolution

P=rs.6400

C.I.= rs.1008.80

Time=18months=$\sf \frac{3}{2} \: years$

Amount=P+I

➡ 6400+1008.80=rs.7408.80

$\rightarrow \sf7408.80 = 6400 {\huge{(}}1 + \frac{r}{2 \times 100} { \huge)}^ { \frac{3}{2} \times 2}$

$\sf \rightarrow (1 + \frac{r}{100} )^{3} = \frac{7408.80}{6400} = (\frac{21}{20} {)}^{3}$

On simplifying we get rate=10%

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