Question

Hari purchase relief bonds for rupees 1000,a sum which will fetch him rupees 2000 after 5 yrs. Find the rate of interest if the interest compounded annually.​

Answer 1

$2000 = 1000(1 + \frac{r}{100} ) {}^{5}$

$2 = (1 + \frac{r}{100} ) {}^{5}$

$1 + \frac{r}{100} = \sqrt[5]{2}$

$\frac{r}{100} = \sqrt[5]{2} - 1$

$r = 100( \sqrt[5]{2} - 1)$

per annum

Answer 2

The rate of interest is 14.86%

Step-by-step explanation:

Principal = Rs.1000

Amount = Rs.2000

Time = 5 years

Let the rate of interest be r

Formula : $A= P(1+r)^t$

A = Amount

P = Principal

r = rate of interest in decimals

t = time

So, $2000=1000(1+r)^5\\\frac{2000}{1000}=(1+r)^5\\2^{\frac{1}{5}}-1=r\\0.1486=r$

So, 14.86% = r

Hence The rate of interest is 14.86%

#Learn more:

Find the compound interest for 10,000 and rate 10%.find the compound interest for 2 years​

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