Question

2. A sum of money at Compound
Interest amounts to thrice itself in 3
years. In how many years will it be 9 times itself for 15 mark

Answer 1

Answer:

6 years

Step-by-step explanation:

We have the formula for compound interest

A = P (1+R/100)^T

Now,

A/P = (1+R/100)^T

Given - Sum thrice itself in 3 years, means Amount = 3xPrincipal (A/p = 3)

when t=3 years

Putting this value we get

3P/P = (1+R/100)^3

3 = (1+R/100)^3 …………Equation 1

now what we want is Amount = 9xPrincipal, Means A/p = 9

We can get this ration by squaring equation 1, We get

9 = (1+R/100)^6

Means Principal makes itself 9 times in 6 years.

Answer 2

Answer:

N=6

Required number of years are 6.

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