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Principal=16000 ,numbers of 2 years, ci 1640, rate=% ?

Answer»

ong>Answer:

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Step-by-step explanation:

Amount at the end of 18 months 16000+2522=18522

Now, we know that for CI

A=P(1+nr)nt

where P=16000t=18 months=23 years 

            n=2 (as it is COMPOUNDED HALF yearly)

            R= rate of INTEREST

            A= Amount

So, 18522=16000(1+2r)23∗2⇒1600018522=(1+2r)3⇒10.5=1+2r⇒r=19

So, Rate of interest is 19%


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