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Question

a certain sum of money is put at compund interest, compounded hlf yearly. if the interest for the two successive half year are Rs650 and Rs760.50; find the rate of interest


Solution

Interest for the first half year =Rs 650
PRT/100=650
T=0.5
PR/200=650
PR=650×200--------1
Interest for the second half year is 760.5
P=P+650
(P+650)RT/100=760.5
T=0.5
(P+650)R/200=760.5
(P+650)R=760.5×200-----2
Dividing equation 2 by 1
P+650/P=760.5/650
760.5P=650P+(650×650)
110.5P=650×650
P=(650×650)/110.5-------3
Putting the value of P in equation 1
R=(650×200×110.5)/650×650
R=34%
 

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