Mathematics
A certain sum of money is put at compound interest, compounded half-yearly. If the interest for two successive half-years are ₹ 650 and ₹ 760.50; find the rate of interest.
Compound Interest
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Answer
Difference between C.I. of two successive half-years = ₹ 760.50 - ₹ 650 = ₹ 110.50
∴ ₹ 110.50 is the interest of year on ₹ 650.
By formula,
Rate of interest = = 34%.
Hence, the rate of interest = 34%.
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