Atul deposited rs 8000 for a period of 1 year .the company credits the intrest quarterly he recieved 9724.05 after 1 year.find the rate of intrest

Asked by Kannuydv | 6th Dec, 2018, 05:10: PM

Expert Answer:

According to the question,
P = Rs. 8000, A = Rs. 9724.05, n = 1 year = 4 quarter
begin mathsize 16px style straight A equals straight P open parentheses 1 plus fraction numerator straight r divided by 4 over denominator 100 end fraction close parentheses to the power of 4 straight n end exponent
9724.05 equals 8000 open parentheses 1 plus fraction numerator straight r divided by 4 over denominator 100 end fraction close parentheses to the power of 4
open parentheses 1 plus fraction numerator straight r divided by 4 over denominator 100 end fraction close parentheses to the power of 4 equals 1.21550625
1 plus straight r over 400 equals fourth root of 1.21550625 end root
1 plus straight r over 400 equals 1.05
straight r over 400 equals 0.05
straight r equals 20 percent sign space per space annum
end style

Answered by Sneha shidid | 7th Dec, 2018, 09:46: AM