At what rate of compound interest per annum will a sum of 1580 amount to 1778 in two year. If the intrest is compoundded half yearly?
Answers
Answer:
We have learned about the life of the people of Sapta Sndhu region and gangetic plain.
Could you identify any common features? Did the life of aryans developed when they
reached gangetic plains from Sapta Sindhu region? Analyse and write down important
points.
Given : sum of 1580 amount to 1778 in two year
interest is compounded half yearly
To find : rate of compound interest per annum
Solution:
rate of compound interest per annum = 2r %
=> rate of compound interest half yearly = r %
two year = 4 half year
A = P (1 + R/100)ⁿ
P = 1580
A = 1778
R = r
n = 4
1778 = 1580 ( 1 + r /100)⁴
=> 1.03 = 1 + r/100
=> r = 3
=> 2r = 6
Hence t rate of compound interest per annum = 6 %
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