At what rate percent per annum will ₹7200 amount to ₹7938 in one year, if interest is compounded half yearly?

10

Interest rate is compounded half yearly , So t = 2

We know,

Amount = Principal × ( 1 + \(\frac{rate }{100}\) )^t

7938 = 7200 × ( 1 + \(\frac{rate }{100}\) )²

\(\frac{441 }{400}\) =  ( 1 + \(\frac{rate }{100}\) )²

1 + \(\frac{rate }{100}\) = \(\frac{21 }{20}\) 

\(\frac{rate }{100}\) = \(\frac{1 }{20}\)

Rate = 5% ( if Interest rate is compounded half yearly )

So , Interest rate per annum = 2 × 5% = 10%