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Question

Find the rate percent per annum if Rs 2000 amount to Rs 2662 in 112 years, interest being compounded half-yearly?


Solution

Let the rate of interest be R%.Then,A=P1+R100n2,662=2,0001+R10031+R1003=2,6622,0001+R1003=1.3311+R1003=1.131+R100=1.1R100=0.1R=10Because the interest rate is being compounded half-yearly, it is 20% per annum.

Mathematics
RD Sharma (2019, 2020)
All

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