Question

Find the rate percent per annum is rs 2000 amount to rs 2.315.25 in an year and a half,interest being compounded half yearly?

Answer 1

A=P(1+r/100)n
2315.25=20000(1+r/100)n
2315.25/2000= 【1+r/100】*3
2315.25/2000=【 1 + r/100】*3
9261/8000=【1+r/100】*3
21/20=1+r/100
r=8%