A GP has 8 terms, it's first and last terms are 0.3 and 38.4/, calculate the common ratio
1 answer:
You might be interested in
Given:
Principal value = 40000
Rate of compounded interest = 20%
Time = 2 years
To find:
The interest.
Solution:
Formula for amount is
Where, P is principal, r is rate of interest and t is time in years.
Putting the given values, we get
Now, the formula for interest is
Therefore, the amount of compound interest is 17,600.