Mr. Raghava has deposited 8,000 with a finance company for a period of

1.	Mr. Raghava has deposited 8,000 with a finance company for a period of 1 yearThe company credits the interest quarterly. He received 9,724.05 after one yearhe recit3724ind the rate of interest per cent per annum.
Answer» Given,= Principle = rs 8000= Amount after interest = rs 9724.05= Time = one year.= Find rate. As the company credits interest quarterly, rate = 4 r. A = P(1 + rt)= 9724.05 = 8000 ( 1 + 4 r * 1) = 1.21 = 1 + 4 r = 4 r = 0.21 = r = 0.053 = r % = 0.053 * 100 = 5.3 %.

Mr. Raghava has deposited 8,000 with a finance company for a period of 1 yearThe company credits the interest quarterly. He received 9,724.05 after one yearhe recit3724ind the rate of interest per cent per annum.

Answer»

Given,= Principle = rs 8000= Amount after interest = rs 9724.05= Time = one year.= Find rate. As the company credits interest quarterly, rate = 4 r.

A = P(1 + rt)= 9724.05 = 8000 ( 1 + 4 r * 1)

= 1.21 = 1 + 4 r

= 4 r = 0.21

= r = 0.053

= r % = 0.053 * 100 = 5.3 %.