Mr. Raghava has deposited 8,000 with a finance company for a period of 1 year.
The company credits the interest quarterly. He received 9,724.05 after one year.
Find the rate of interest
per cent per annum.
the answer is supposed to be 20% but don’t know how it is calculated, it would be great if someone explained. (I will mark brainliest anyone who answers)
Answer:
there is ur answer
hope its help
pls mark me as the brainlist
hey mate ur answer : Deposited money p = ₹8000
time = 1yr , rate = ?
after 1 year:
——————
amount received = ₹9724.05
interest credited in 1 yr
= amount – principal
= 9724.05 – 8000 = 1724.05
Interest = (p × r × t)/ 100
1724.05 = (8000 × r × 1 ) / 100
r = 1724.05 ÷ 80 = 21.5% per annum
Answer:
————–
rate of interest per annum = 21.5 %