Find the rate percent per annum if Rs. 2000 amount to Rs. 2662 in 1years, interest being compounded half-yearly?

Question

Find the rate percent per annum if Rs. 2000 amount to Rs. 2662 in 1 years, interest being compounded half-yearly?

Philoid · Accepted Answer

Given,

Principal = Rs.2000

Amount = Rs.2662

Time = 1- years =

Let rate = R% per annum ,

So,

A =

=

Hence ,

Rate = 20% per annum