at what rate per annum compounded half yearly will a sum of 20000 m into 26620 in 1 whole 1 by 2 years
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Answer:
step by step calculations
Given ,Principal = 20000
And Amount = 26620
Time(n) = 2 [ 1yr = 2 half yearly]
Rate =?
Formula : [ A=P+(+R/100) ^n]
let R be the required rate
=> 26620 = 20000(1+R/100) ^2
=> 26620/20000 =( 1+R/100) ^2
=> 26620/20000 x 100 x100 x 200 100= R^2
=>1.331 = R^2
=> R = 1.153% pa
step by step calculations
Given ,Principal = 20000
And Amount = 26620
Time(n) = 2 [ 1yr = 2 half yearly]
Rate =?
Formula : [ A=P+(+R/100) ^n]
let R be the required rate
=> 26620 = 20000(1+R/100) ^2
=> 26620/20000 =( 1+R/100) ^2
=> 26620/20000 x 100 x100 x 200 100= R^2
=>1.331 = R^2
=> R = 1.153% pa
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