Asha invested rupees 8000 at a certain rate for 3 years, compounded annually. She finds that at the end of one year, it amounts to rupees 9200. Calculate: (1) The rate of interest (2) The interest accrued in the second year (3) The amount at the end of the third year

Name: asha invested rupees 8000 at a certain rate for 3 years compounded annually she finds that at the end of one year it amounts to rupees 9200 calculated 1the rate of interest2the interest accr 31932
Uploaded: 2022-06-11T01:48:13-08:00
Duration: 3 min 10 s
Channel: Steven Clarke
Description: asha invested rupees 8000 at a certain rate for 3 years compounded annually she finds that at the end of one year it amounts to rupees 9200 calculated 1the rate of interest2the interest accr 31932

          Asha invested rupees 8000 at a certain rate for 3 years, compounded annually. She finds that at the end of one year, it amounts to rupees 9200. Calculate:
(1) The rate of interest
(2) The interest accrued in the second year
(3) The amount at the end of the third year

Added by Felipe C.

Elementary and Intermediate Algebra

Alan S. Tussy, R. David Gustafson 5th Edition

Instant Answer

Solved by Expert Steven Clarke

06/11/2022

Step 1

In this case, we know that A = 9200, P = 8000, n = 1 (since the interest is compounded annually), and t = 1 (since we're looking at the amount after one year). We can plug these values into the formula and solve for r: 9200 = 8000(1 + r/1)^(1*1) 9200 = 8000(1 + Show more…

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Asha invested rupees 8000 at a certain rate for 3 years, compounded annually. She finds that at the end of one year, it amounts to rupees 9200. Calculate: (1) The rate of interest (2) The interest accrued in the second year (3) The amount at the end of the third year