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

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FRIEND...

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HERE YOUR SOLUTION
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Compounded 6 monthly means n= 2

( because there are 2 halfs in one year)

and 1 and half year means t=1.5

Compound interest = P(1+r/n)nt
2315.25=2000(1+r/2)2*1.5

2315.25/2000=(1+r/2)3

1.157625=(1+r/2)3
1+r/2 =1.05
r/2 = 0.05
r=0.1

Rate of interest
= 0.1*100
=10%


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