Ratna invests £1200 for 2 years in a bank account paying r% per year compound interest.

At the end of 2 years, the amount in the bank account is £1379. 2.

Calculate r

Question

21-11-2022
Mathematics

Answered

Ratna invests £1200 for 2 years in a bank account paying r% per year compound interest.

At the end of 2 years, the amount in the bank account is £1379. 2.

Calculate r

Answer :

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jaiswaljyoti jaiswaljyoti · Answer 1 · 2022-11-24T11:04:50-05:00

In order to acquire a total of £1379. 2 from compound interest on a principal of £1,200 compounded once per year for two years, an interest rate of 7.207% per year is needed.

Formula for compound interest is –

A = P(1+r/n)^nt

Where, A = Amount at the end of investment

P = Principal Amount or amount invested

r = rate of interest

n = number of times interest applications per period.

t = number of time periods elapsed

Here in the question A is £1379. 2

P = £1,200

t = 2 years

n = 1 (annually)

Solving for rate r as a decimal

r = n[(A/P)1/nt - 1]

r = 1 × [(1,379.20/1,200.00)1/(1)(2) - 1]

r = 0.0720696

Then convert r to R as a percentage

R = r * 100

R = 0.0720696 * 100

R = 7.207% per year

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Ratna invests £1200 for 2 years in a bank account paying r% per year compound interest. At the end of 2 years, the amount in the bank account is £1379. 2. Calculate r

Answer :

Other Questions

Ratna invests £1200 for 2 years in a bank account paying r% per year compound interest.

At the end of 2 years, the amount in the bank account is £1379. 2.

Calculate r