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Mr Raghav has deposited rupees 8000 with a finance company for a period of 1 year. The company credits the interest quarterly.He received $9724.05 after one year. Find rate of interest percent per annum?
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Mr Raghav has deposited rupees 8000 with a finance company for a perio...
Given information:
- Principal amount (P) = Rs 8000
- Time (t) = 1 year
- Total amount received after one year = Rs 9724.05
To find:
Rate of interest percent per annum (R)
Solution:
Step 1: Calculate the interest earned per quarter
The interest is credited quarterly, which means there are 4 quarters in a year. Let's assume the interest earned per quarter is I.
The total interest earned after 1 year will be 4 times the interest earned per quarter.
So, the total interest earned after 1 year = 4I.
Step 2: Calculate the total amount after one year
The total amount received after one year includes the principal amount and the total interest earned.
Total amount after one year = Principal amount + Total interest earned
Using the given information:
Total amount after one year = Rs 9724.05
Principal amount = Rs 8000
Therefore, we can write the equation as:
9724.05 = 8000 + 4I
Step 3: Solve the equation to find the interest earned per quarter (I)
To find the value of I, we need to solve the equation from Step 2.
9724.05 - 8000 = 4I
1724.05 = 4I
Dividing both sides by 4:
431.0125 = I
Step 4: Calculate the rate of interest percent per annum (R)
The rate of interest percent per annum can be calculated using the formula:
R = (I / P) * 100
Substituting the values:
R = (431.0125 / 8000) * 100
R ≈ 5.39%
Therefore, the rate of interest percent per annum is approximately 5.39%.
- Principal amount (P) = Rs 8000
- Time (t) = 1 year
- Total amount received after one year = Rs 9724.05
To find:
Rate of interest percent per annum (R)
Solution:
Step 1: Calculate the interest earned per quarter
The interest is credited quarterly, which means there are 4 quarters in a year. Let's assume the interest earned per quarter is I.
The total interest earned after 1 year will be 4 times the interest earned per quarter.
So, the total interest earned after 1 year = 4I.
Step 2: Calculate the total amount after one year
The total amount received after one year includes the principal amount and the total interest earned.
Total amount after one year = Principal amount + Total interest earned
Using the given information:
Total amount after one year = Rs 9724.05
Principal amount = Rs 8000
Therefore, we can write the equation as:
9724.05 = 8000 + 4I
Step 3: Solve the equation to find the interest earned per quarter (I)
To find the value of I, we need to solve the equation from Step 2.
9724.05 - 8000 = 4I
1724.05 = 4I
Dividing both sides by 4:
431.0125 = I
Step 4: Calculate the rate of interest percent per annum (R)
The rate of interest percent per annum can be calculated using the formula:
R = (I / P) * 100
Substituting the values:
R = (431.0125 / 8000) * 100
R ≈ 5.39%
Therefore, the rate of interest percent per annum is approximately 5.39%.
Community Answer
Mr Raghav has deposited rupees 8000 with a finance company for a perio...
21.550625% (21% approx)
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Mr Raghav has deposited rupees 8000 with a finance company for a period of 1 year. The company credits the interest quarterly.He received $9724.05 after one year. Find rate of interest percent per annum?
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Mr Raghav has deposited rupees 8000 with a finance company for a period of 1 year. The company credits the interest quarterly.He received $9724.05 after one year. Find rate of interest percent per annum? for Class 8 2024 is part of Class 8 preparation. The Question and answers have been prepared according to the Class 8 exam syllabus. Information about Mr Raghav has deposited rupees 8000 with a finance company for a period of 1 year. The company credits the interest quarterly.He received $9724.05 after one year. Find rate of interest percent per annum? covers all topics & solutions for Class 8 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Mr Raghav has deposited rupees 8000 with a finance company for a period of 1 year. The company credits the interest quarterly.He received $9724.05 after one year. Find rate of interest percent per annum?.
Mr Raghav has deposited rupees 8000 with a finance company for a period of 1 year. The company credits the interest quarterly.He received $9724.05 after one year. Find rate of interest percent per annum? for Class 8 2024 is part of Class 8 preparation. The Question and answers have been prepared according to the Class 8 exam syllabus. Information about Mr Raghav has deposited rupees 8000 with a finance company for a period of 1 year. The company credits the interest quarterly.He received $9724.05 after one year. Find rate of interest percent per annum? covers all topics & solutions for Class 8 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Mr Raghav has deposited rupees 8000 with a finance company for a period of 1 year. The company credits the interest quarterly.He received $9724.05 after one year. Find rate of interest percent per annum?.
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