Question

Find the amount and compound interest on 40,000 1 1/2 for years at 10% per annum, the interest.​

Answer 1

Answer:

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Answer 2

Answer:

Rate of Interest is 10%.

Step-by-step explanation:

Given Conditions ⇒

Amount (A) = Rs. 46,305

Principal(P) = Rs. 30,000

Time(n) = 1 \frac{1}{2}1

2

1

= 3/2 years.

∴ 2n = 2 × 3/2

= 3 years.

Let the rate of Interest be r.

Now,

Since the Interest is Payable Half Yearly,

∴ A = P[1 + r/200]²ⁿ

⇒ 46,305 = 40,000[ 1 + r/200]³

⇒ [1 + r/200]³ = 46305/40000

⇒ [1 + r/200]³ = [21/20]³

On Comparing,

1 + r/200 = 21/20

⇒ r/200 = 21/20 - 1

⇒ r/200 = (21 - 20)/20

⇒ r/200 = 1/20

⇒ r = 10%

∴ Rate of Interest is 10%.