Question

At what rate percent per annum Rs. 1600 amount to Rs. 1852.20 in 3/2 year, interest being compounded half yearly

Answer 1

rate of interest is 10% per annum.

initial amount, P = 1600

amount after 3/2 years , A = 1852.2

interest is being compounded half yearly.

using formula, A = P(1 + r/100)²ⁿ

here r is rate of interest per half year.

⇒ 1852.2 = 1600 (1 + r/100)^(2 × 3/2)

⇒18522/16000 = (1 + r/100)³

⇒9261/8000 = (1 + r/100)³

⇒(21/20)³ = (1 + r/100)³

⇒21/20 = 1 + r/100

⇒1/20 = r/100

⇒r = 5 %

so, rate of interest per annum is 2 × 5 = 10%

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Answer 2

Step-by-step explanation:

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