Question

find the rate % when Rs.48000 becomes Rs.51916.80 in 1 year if the interest is compounded bi-anually

Answer 1

Answer:

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Answer 2

Step-by-step explanation:

$51916.8 = 48000(1 + \frac{r}{2})^{2}$

$1.0816 = (1 + \frac{r}{2})^{2}$

$\sqrt{1.0816} = 1 + \frac{r}{2}$

$1.04 = 1 + \frac{r}{2}$

$\frac{r}{2} = 0.4$

$r = 0.8$