1.

If Rs.600 amounts to Rs.1510 at compound interest in 12 years. Find the rate of compound interest?​

Answer»

RATE of compound interest = 8%

Step-by-step EXPLANATION :

Given that,

principal (P) = Rs. 600,

amount (A) = Rs. 1510 and

TIME (t) = 12 years

We have to find, compound rate of interest R

Now, A = P (1 + r/100)ᵗ

or, 1510 = 600 * (1 + r/100)¹²

or, (1 + r/100)¹² = 151/60

or, 12 * LOG(1 + r/100) = log(151/60)

or, log(1 + r/100) = 1/12 * log(151/60)

or, 1 + r/100 = 10^0.0334

or, r/100 = 1.08 - 1

or, r = 100 * 0.08

or, r ≈ 8

∴ required rate of compound interest is 8%

Similar problem:

Find the compound interest for Rs. 10,000 at 10% for 2 years. - brainly.in/question/11737436


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