Question

Neha has deposited 8000 with a finance company for a period of 1 year. The
company credits the interest quarterly. She received * 9724.05 after one year.
Find the rate of interest percent per annum.​

Answer 1

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Answer 2

Answer:

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 %.