Find the rate percent per annum, If Rs. 2000 amounts to Rs.2,315.25 In a year and a half. Interest being compounded half yearly.
1). 11.5%
2). 10%
3). 5%
4). 20%
.Time = 3 half years
Rate = 2R% per annum
= R% per half year
= Principal – $(1+\frac{(Rate)^{Time}}{100})$
2315.25 = 2000 $(1+\frac{(R)^{3}}{100})$
R = $\frac{100}{20}$
= 5% per half year
Required rate
= 10% per annum