Question
Find the rate of interest if a sum of money becomes 8
times after 3 years when interest is being compounded annually.Solution
Let P be the sum. Amount (A) = 8P t=3years Rate of interest (R)=? As we know that, A=P(1+(R/100)3 8P=P(1+ (R/100)3 (8)1/3 = 1+(R/100) ​= (R/100) = 2-1 R=100%
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