6250(1+r/2)^2 = 6760
r = 8%
Determine the rate per cent per annum if Rs 6,250 amounts to Rs 6760 in six months ,interest being compounded quarterly
7 answers
Oops. r=16%
I calculated with r as the 6-month interest rate.
I calculated with r as the 6-month interest rate.
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Please send steps
Steve please
Using formula, İ=PRT where P=6520
İ=6750—6250=510, T= 1/2, find R
Putting values.
510=6250×R×1/2
R=1020×2/6250=0.16
R=0.16×100%
R=16%
İ=6750—6250=510, T= 1/2, find R
Putting values.
510=6250×R×1/2
R=1020×2/6250=0.16
R=0.16×100%
R=16%
Thanks