Sangeeta invested ₹20,000 in the bank for 4 years and got back ₹29,282 after 4 years. What is the rate of interest per annum payable annualy?
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Solution:-
Let the compound interest be R %
Principal amount or P = Rs. 20000
Amount received or A = Rs. 29282
Time = 4 years
Now, A = p (1 + R/100)^T
⇒ 29282 = 20000 (1 + R/100)^4
⇒ (1 + R/100)^4 = 29282/20000
⇒ (1 + R/100)^4 = 1.4641
⇒ 1 + R/100 = ⁴√1.4641
⇒ 1 + R/100 = 1.1
⇒ R/100 = 1.1 - 1
⇒ R/100 = 0.1
⇒ R = 10 % Per annum Answer.
Let the compound interest be R %
Principal amount or P = Rs. 20000
Amount received or A = Rs. 29282
Time = 4 years
Now, A = p (1 + R/100)^T
⇒ 29282 = 20000 (1 + R/100)^4
⇒ (1 + R/100)^4 = 29282/20000
⇒ (1 + R/100)^4 = 1.4641
⇒ 1 + R/100 = ⁴√1.4641
⇒ 1 + R/100 = 1.1
⇒ R/100 = 1.1 - 1
⇒ R/100 = 0.1
⇒ R = 10 % Per annum Answer.
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