Question

a sum of money becomes 4 times in 3 years. Find the rate of compound interest​

Answer 1

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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