Question

determine the rate of interest for a sum that becomes216/125times of itself in 1 and 1/2year, compounded semi-annually?​

Answer 1

Given :- determine the rate of interest for a sum that becomes216/125times of itself in 1 and 1/2year, compounded semi-annually ?

Answer :-

since rate is compounded semi-annually ,

• Time = 1(1/2) * 2 = (3/2) * 2 = 3 years.

we know that, when rate is compounded annually ,

• Rate = [(time)^(1/T) - 1] * 100

putting values we get,

→ R = [(216/125)^(1/3) - 1] * 100

→ R = [{(6/5)³}^(1/3) - 1] * 100

→ R = [(6/5) - 1] * 100

→ R = (1/5) * 100

→ R = 20% (Ans.)

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