Q.3) XYZ company's Share capital to Rs. 15,00,000 i fer 6
yrs. company simple interest is 16.10000. Find out the rate of interest ?
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Answer:
Step-by-step explanation:
The CI on same sum in 16 years is Rs 1300
Compound Interest, CI = Rs 1300
Principal, P = p
Time, t = 16 years
Rate of interest, r = r
----------------- (2)
Divide eq(2) by eq(1)
Solve for r
Put r in equation 1
Put P = 320, r = 0.1067, t = 20 into CI formula
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