a sum of money becomes 4 times in 3 years. Find the rate of compound interest
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Given : A sum of money becomes 4 times in 3 years,
To find : the rate of compound interest
Solution:
Principal = P
Rate of interest = R % per annum
Time = n = 3 years
A = 4P
A = P (1 + R/100)ⁿ
=> 4P =P (1 + R/100)³
=> 4 = (1 + R/100)³
=> 1 + R/100 = 1.5874
=> R/100 = 0.5874
=> R = 58.74 %
Hence rate of compound interest = 58.74 % per annum
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