Question

if 40000 amount to 48620.25 in 2 years , compound interest payable half yearly, find the rate of interest per annum​

Answer 1

Answer:

The rate of interest per annum is 10%.

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Answer 2

Given :-

Principal = Rs.40000

Amount = Rs.48620.25

Time = 2 years.

Rate = compounded half yearly .

To Find :-

The rate of interest per annum. ?

Solution :-

we know that, when interest is compounded half yearly ,

Rate becomes half .

Time becomes double.

so,

Time = 2 * 2 = 4 years.

Rate = Let half yearly is R% .

then,

→ P[1 + (R/100)]^T = A

→ 40000[1 + (R/100)]⁴ = 48620.25

→ [1 + (R/100)]⁴ = 48620.25/40000

→ [1 + (R/100)]⁴ = (194481/160000)

→ [1 + (R/100)]⁴ = (21/20)⁴

→ 1 + (R/100) = (21/20)

→ (R/100) = (21/20) - 1

→ (R/100) = (21 - 20)/20

→ (R/100) = (1/20)

→ R = 5% .

therefore,

→ The rate of interest per annum = 5 * 2 = 10% (Ans.)

Learn more :-

CI in 2yr is Rs. 1600 and in 3 yrs it will be Rs. 1700. Find the rate of interest.

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