Question

At a certain rate of compound interest, rs. 15,320 becomes rs. 30,640 in 6 years. what is the

Answer 1

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Answer 2

Answer:

The rate of interest is 12.246%

Step-by-step explanation:

Step 1:

Given Data:  

P =15320, n=6, Amount =30640

To find the Rate of Interest

Compound interest accumulation factor:

Step 2:

Amount = P(1 + i)ⁿ  

P = 15320

Amount = 30640

n = 6

Step 3:

Substitute the formula in Equation (1)

30640 = 15320(1 + i)……………(1)

30640/15320 = (1 + i)

2 = (1 + i)

Step 4:

2^1/6 = 1 + i  

1.12246 = 1 + i

i = 1.12246 - 1

i = 0.12246

Step 5:

0.12246 × 100 = 12.246%