The compound interest on a sum of rs16000 deposited in a bank for a period of 2 years is rs9000. Find the rate of interest
Answers
Answered by
1
Here,
C.I = 9000
n = 2
P = 16000
use the formula,
C.I = P[ 1 + r/100]ⁿ -P
9000 = 16000[1 + r/100]² - 16000
25000 = 16000[ 1 + r/100]²
(5/4)² = [1 + r/100]²
5/4 - 1 = r/100
1/4 = r/100
r = 25%
C.I = 9000
n = 2
P = 16000
use the formula,
C.I = P[ 1 + r/100]ⁿ -P
9000 = 16000[1 + r/100]² - 16000
25000 = 16000[ 1 + r/100]²
(5/4)² = [1 + r/100]²
5/4 - 1 = r/100
1/4 = r/100
r = 25%
Similar questions