What will be the Rate Percent per Annum? If

Find the rate percent per annum, if Rs.2000 amount to Rs.2315.25 in an year and half, interest being compounded half yearly:

  1. 20%
  2. 11.5%
  3. 5%
  4. 10%
Monis Rasool Professor Asked on 28th June 2015 in Maths.
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1 Answer(s)

Answer:  (4) 10%
Explanation:-
If the compounded is half yearly then, time goes double and rate comes half.
2315.25 = 2000(1 + R/2)nt
2315.25 = 2000(1 + R/2)2 x 1.5
2315.25/2000 = (1 + R/2)3
1.157 = ( 1+ R/2)3
1 + R/2 = 1.05
R/2 = 0.05
R = 2 x 0.05
R = 0.1

Rate of interest = 0.1/100
= 10%
Hence, the answer is (4)

Anurag Mishra Professor Answered on 28th June 2015.
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