Question

The deposit of Rs. 5,000 grows at the rates of 6.5%; 7%; 7.75% and
8.75% in four subsequent years. Find the average growth rate.​

Answer 1

Answer:

the same formulae just a different sum

Answer 2

Solution :-

→ Sum deposit = Rs.5000 .

so,

→ Sum after 4 years at the rates of 6.5%; 7%; 7.75% and

8.75% will be = 5000 * (106.5/100) * (107/100) * (107.75/100) * 108.75/100) ≈ 6676.5 .

then,

→ Growth in deposit = 6676.5 - 5000 = Rs.1676.5

therefore,

→ Total % of growth in deposit = (1676.5 * 100) / 5000 ≈ 33.52%

hence,

→ The average growth rate (in % per year) = 33.52 ÷ 4 = 8.38% (Ans.)

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