Question

find the rate of interest at which 64000 will amount 68921 in half yearly if the interest is compounded half yearly

Answer 1

p= 64000
let rate be R%
t= 1/2 yr
a=68921
amount= px[1+R/2x100] raised to power nx2
68921= 64000x[1+ R/100] 1
68921/64000= 1+R/100]1
68921/64000= 100+R/100
68921/64000 x 100=100+R
107.68=100+R
107.68-100=R
7.7% is the answer