Asked by Karan

A sum of ₹400 amounts to ₹480 in 4 years.What will it amount to, if the rate of interest is increased by 2%p.a.?

Answers

Answered by Steve
if compound interest,
400(1+r)^4 = 480
(1+r)^4 = 1.2
r = .0466
Is your new r
(r + .02)=.0666
or is it
9*1.02 = .0475
??

Do a similar calculation if simple interest.
Answered by Reiny
400(1+i)^2 = 480
(1+i)^2 = 1.2
1+i = 1.095445
i = .095445

new rate = .095445 + .02 = .115445

new amount = 400(1.115445)^2 = 497.69
Answered by Aditya
Please teach me
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