A sum of money amounts to ₹13230 in one year and to ₹13891.50 in years at compound interest, compounded semi-annually. Find the sum and rate of interest per annum.

Question

KnowledgeBoat · Accepted Answer

Let sum be ₹x and rate be r%. Since C.I. is reckoned half-yearly, rate = In one year, n = 2 A = ₹13230 rate = as interest is calculated half-yearly. Substituting values in formula, In one and half year, n = 3 A = ₹13891.50 rate = as interest is calculated half-yearly. Substituting values in formula, Dividing eqn. (ii) by (i), Putting value of r in eq. (i) we get, Hence, sum = ₹12000 and rate = 10% per annum.

Mathematics

A sum of money amounts to ₹13230 in one year and to ₹13891.50 in years at compound interest, compounded semi-annually. Find the sum and rate of interest per annum.

Compound Interest

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