Question

Find the rate per cent per annum, if 4000 amount to 5324 in 1- years, interest being compounded half-yearly.​

Answer 1

Answer:

20%

Step-by-step explanation:

let the intrest rate be r

principal amount = 4000

Amount at the end = Rs 5324

Period = 3 ( coumpounded half yearly )

Find r :

Amount = principal (1+r)^n

5324 = 4000 (1+r/2)^3

( 1+r/2 )^3 = 5324 ÷ 4000

( 1+r/2 )^3 = 1.331

1+r/2 = quberoot 3√1.331

1+r/2 = 1.1

r/2 = 1.1-1 = 0.1

r = 0.2

Intrest rate = 0.2 = 20%