Question

Raghav deposite 8000 Rupee for 1 year. He get 9724.05 Rupee after 1 year. If the interest calculated quarterly then find the rate of interest?

Answer 1

1724.05 rupees interest of one year.
1724.05*100/8000 =21.550625% per year.
For quarterly 21.550625/4 = 5.38765625%

Answer 2

$rate = si \times 100 \div p \times t$
9724.05-8000=1724.05
1724.05×100/8000×1
=21.550625