Find the rate percent per annum, if Rs 2000 amount to Rs 2315.25 in an year and half, interest being compounded six monthly
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We know that, A = P(1 + r/100)^n -------------(i)
here, A = 2315.25
P = 2000
n = 2n = 2*1 = 2 (compounded half yearly)
r = r/2 (compounded half yearly)
Now from (i),
2315.25 = 2000(1 + r/200)^2
i.e, 1 + r/200 = ✓(2315.25/2000) = 1.075
i.e, r/200 = 0.075
i.e, r = 0.075*200 = 15%
here, A = 2315.25
P = 2000
n = 2n = 2*1 = 2 (compounded half yearly)
r = r/2 (compounded half yearly)
Now from (i),
2315.25 = 2000(1 + r/200)^2
i.e, 1 + r/200 = ✓(2315.25/2000) = 1.075
i.e, r/200 = 0.075
i.e, r = 0.075*200 = 15%
mukul9228:
Your answer was wrong it is given that he answer is 10% per annum.
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