A sum of money 1200 deposited at compound interest becomes double after 5 years
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Let the rate be R.Time is 5 years=T. Principal =₹1200 . So it amounts to ₹2400 in 5 years. Amount
obtained=Principal(1+rate100)^time=>2400=1200(1+R/100)^5 => 2=(1+R/100)^5=>2^1/5 =1+R/100=> (2^1/5-1)100 =>R =(1.148-1)100=14.8%. approximately.
obtained=Principal(1+rate100)^time=>2400=1200(1+R/100)^5 => 2=(1+R/100)^5=>2^1/5 =1+R/100=> (2^1/5-1)100 =>R =(1.148-1)100=14.8%. approximately.
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