Find the rate per cent per annum ,if 4000 rupees amount to 5324 rupees in 1by ½ years , interest being compounded half yearly
Answers
Answered by
3
Answer:
Principal (P) = ₹4,000
Rate of compound interest (r)= 10 % per annum
Amount (A) = ₹5,324
Time (years) = ?, say, t years
Now, A = P (1 + r / 100)^ t
So, 5,324 = 4000 * ( 1 + 10/ 100)^ t
Or, 5,324 = 4,000 * ( 1.1)^ t
Or, (1.1) ^t = 5,324 / 4,000 = 1.331
We know that 1.331 = (1.1)^3
So, (1.1)^t = (1.1)^3
Or, t = 3 years.
So, ₹4,000 will amount to ₹5,324 at a compound interest rate of 10 % per annum in 3 years.
Similar questions
Social Sciences,
6 months ago
Hindi,
6 months ago
English,
11 months ago
Math,
11 months ago
Math,
11 months ago