Mr. Raghava has deposited ₹ 8000 with a finance company for a period of 1 year . The company credits the interest quarterly. He received ₹ 9724.05 after one year. Findthe rate of interest per cent per annum.
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8000(1+x/100)raised to 1 =9724.05
so it is quarterly
8000(1+4x/100)4=9724.05
8000×104x÷100×104x÷100×104x÷100×104x÷
100=9724.05
=116956x÷90=9724.05
116956x=9724.05×90
116956x=875164.5
x=875164.5÷116956
x=1.63%
so rate is 1.63%
so it is quarterly
8000(1+4x/100)4=9724.05
8000×104x÷100×104x÷100×104x÷100×104x÷
100=9724.05
=116956x÷90=9724.05
116956x=9724.05×90
116956x=875164.5
x=875164.5÷116956
x=1.63%
so rate is 1.63%
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