Question

Mr Raghava has deposited rupees 8000 with a finance company for a period of 1 year the company credits the interest quarterly I received rupees 9720 4.05 after 1 year find the rate of interest percent per annum​

Answer 1

Given :

The money principal deposited in account = p = Rs 8000

The time period for deposit = t = 1 year

The Amount received after 1 year = A = Rs 97204.05

To Find :

The rate of interest per annum quarterly = r%

Solution :

From Compound Interest

Amount = Principal × $(1+\dfrac{rate}{100})^{time}$

Or,      A = p × $(1+\dfrac{r}{100})^{1}$

Or,  Rs 97204.05 = Rs 8000 × $(1+\dfrac{r}{100})^{1}$

Or, $(1+\dfrac{r}{100})$ = $\dfrac{97204.05}{8000}$

Or,  $(1+\dfrac{r}{100})$ = 12.15

Or,           $\dfrac{r}{100}$ = 12.15 - 1

∴             $\dfrac{r}{100}$ = 11.15

i.e        rate = 11.15 %

Hence, The rate of interest is 11.15 %   Answer