Find the annual rate of interest. principal = 4600 rupees period = 5 years total amount = 6440 rupees annual rate of interest = %

The rate of interest for compounded annually is 6.96 %  .

Step-by-step explanation:

Given as :

The principal amount = Rs 4600

The time period = 5 years

The amount after 5 years = Rs 6440

Let The rate of interest = R %

From compounded method

Amount = Principal ×

or, Rs 6440 = Rs 4600 ×

Or, =  

or, 1.4 =  

Or, = 1 +

or, 1.0696 =  1 +

or, = 1.0696 - 1

Or, = 0.0696

∴ R = 0.0696 × 100

I.e R = 6.96

Hence The rate of interest for compounded annually is 6.96 %  .  Answer

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step-by-step explanation:

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