Find the rate of interest (c.I) per annum when the amount on rupees 400 for 2 years become rupees 411
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Step-by-step explanation:
Rate=8%
T=
2
3
years
Principle=1000Rupeescompoundedhalfyears.
⇒∴Rate=
2
8
=4%
⇒Time=
2
3
×2years=3years
⇒C.I=P[H
100
R
]
t
⇒C.I=1000[1+
100
4
]
3
Compoundinterest=1000×
100×100×100
104×104×104
=1124.864Rupees
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