Question

The compound interest on a sum of ` 5000 deposited in a bank for a period of 2 years is ` 832. Find the rate of interest.

Answer 1

the rate of interest is 8.32 percent

even if the answer is not correct the formulae is correct

Answer 2

Rate of interest = 8%

Step-by-step explanation:

Principal = 5000

Compound interest = 832

Amount = Principal + interest = 5000+832=5832

Time = 2 years

$Amount = P(1+r)^t$

Where P is principal

r = rate of interest in decimals

t = time

$5832=5000(1+r)^2\\\frac{5832}{5000}=(1+r)^2\\\sqrt{\frac{5832}{5000}}-1=r\\0.08=r$

Rate of interest = 8%

Hence the rate of interest is 8%

#Learn more:

A certain sum amounts to 5 832 in 2 years at 8% compound interest find the sum​

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