Question

Calculate thevrate of interest for which a sum of rs 600 gives compound interest of rs 50 in 2 years

Answer 1

Answer:

The rate of interest is 4%

Explanation:

Let the rate of interest is r%

Since in two years the interest is 50

Therefore the amount in 2 years = 600 + 50 = 650 Rs.

Using the formula of compound interest

Amount = $P(1+\frac{r}{100} )^n$

$\implies 650 =600(1+\frac{r}{100} )^2$

$\implies \frac{13}{12}=(1+\frac{r}{100})^2$

$\implies (1+\frac{r}{100})^2=1.083$

$\implies 1+\frac{r}{100}=\sqrt{1.083}$

$\implies 1+\frac{r}{100}=1.04$

$\implies \frac{r}{100}=.04\\\implies r=4$

Therefore the rate of interest is 4%

Answer 2

Rate of interest (r) = 4%

Explanation:

Given:

Amount deposit (P) = 600

Amount of interest (I) = 50

Time (n) = 2 year

Find:

Rate of interest (r)

Computation:

$Amount\ of\ interest = Amount\ deposit[(1+r)^n-1]\\\\50=600[(1+r)^2-1]\\\\0.083 =[(1+r)^2-1]\\\\1.083 = (1+r)^2\\\\1.040 = 1+r\\\\r=0.040$

Rate of interest (r) = 4%

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