Question
A man invested $4,800 in a scheme offering compound
interest compounded annually. If the difference between the interest earned in the 2nd year and the 1st year is $48, what is the rate of interest?Solution
Let the rate of interest be R% Interest for the 1st year = 4800×R/100 = 48R Interest for the 2nd year = (4800+48R) × R/100 The difference between the 2nd-year interest and 1st-year interest is $48: (4800+48R) ×R/100 − 48R = 48 0.48R² =48 R=10%
More Simple and compound interest Questions
What will come in place of (?) Question mark in the given number series.
5, 26, 68, 131, 215, 320, ?
1, 7, 37, 187, 937, ?
8, ?, 29, 57, 113, 225
30, 42, 54, 66, ?, 90
- What will come in place of the question mark (?) in the following series?
29, 32, 41, 68, ?, 392 226  231   466  ?  5606  28031    Â
- What will come in place of the question mark (?) in the following series?
3, 10, 29, 66, 127, ? What will come in place of the question mark (?) in the following series?
102, 111, 136, 185, 266, ?
15.975 ×27.825 + (76.01)² + 12.98×18.426 = ?+ (79.09)²
23 45 89 155 ? 353
