Question

find the Rate At Which ₹ 4000 will give ₹630.50 as compound interest in 1 year , if interest is compounded quarterly ​

Answer 1

Step-by-step explanation:

Solution

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We have,

CI=Rs.630.50,P=Rs.4000,R=5%,T=?

We know that

A=P+CI=P(1+

100

R

)

T

or, 4000+630.50=4000(1+

100

5

)

T

or, 4630.50=4000(1+

100

5

)

T

or, (1+

20

1

)

T

=1.157625

or, (1.05)

T

=1.157625

or, (1.05)

T

=(1.05)

3

or, T=3 years