If ₹40000 amounts to ₹48620.25 in 2 years, compound interest payable half-yearly, find the rate of interest per annum.
Compound Interest
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Question

If ₹40000 amounts to ₹48620.25 in 2 years, compound interest payable half-yearly, find the rate of interest per annum.

KnowledgeBoat · Accepted Answer

Let rate of interest per annum be r% per annum, i.e. % half-yearly. n = 2 years or 4 half-years. A = Given, A = ₹48620.25 and P = ₹40000. Putting values in formula we get, Hence, rate of interest = 10% per annum.

Mathematics

If ₹40000 amounts to ₹48620.25 in 2 years, compound interest payable half-yearly, find the rate of interest per annum.

Compound Interest

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