Answer:
Rate = 51.74%
Step-by-step explanation:
Principal amount= $48000
Amount paid is done 2 times in a year for ten years
= $4000*2*10
Amount paid= $80000
A= p(1+r/n)^nt
80000= 48000(1+r/20)^(20*10)
(80000/48000)= (1+r/20)^(200)
(200)√(1.6667)= 1+ r/20
1.025870255-1= r/20
0.025870255*20= r
0.5174= r
Rate in decimal= 0.5174
In percentage= 51.74%
