Question
Download Solution PDFSohan invested Rs. 6,250 for future and he gets Rs. 15,552 after 5 years. If the interest is compounded yearly, then what is the rate of interest?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Initial amount = Rs. 6,250
Final amount after 5 years = Rs. 15,552
Concept:
The formula for compound interest is A = P(1 + r/n)(nt), where:
Solution:
⇒ 15,552 = 6,250(1 + r)(5)
⇒ r = ((15,552/6,250)(1/5) - 1 = 0.20 or 20%
Therefore, the rate of interest is 20%.
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