Calculate the rate of interest for a sum of money `40,000 lent out for time of 4 ½ years, where the interest amount is ` 7,200.
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The formula for calculating compound interest is A = P (1 + r/n) ^ nt. For this formula, P is the principal amount, r is the rate of interest per annum, n denotes the number of times in a year the interest gets compounded, and t denotes the number of years. In order to understand this better, let us take the help of an example: Sania made an investment of Rs 50,000,
Step-by-step explanation:
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