.mr. raghva has deposited 8000 with a finance company for a period of 1 year . the company credits the interest quaterly . he recieved 9724.05after 1 year . find the rate percent per anum
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Step-by-step explanation:
Given,
= Principle = rs 8000
= Amount after interest = rs 9724.05
= Time = one year.
= Find rate. As the company credits interest quarterly, rate = 4 r.
A = P(1 + rt)
= 9724.05 = 8000 ( 1 + 4 r * 1)
= 1.21 = 1 + 4 r
= 4 r = 0.21
= r = 0.053
= r % = 0.053 * 100 = 5.3 %
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