Question

A sum of money becomes 8 times of itself in 3 years.
What is the rate of interest?

Answer 1

Answer:

Let the principal be P and the rate of compound interest be r% per annum. Then,

According to question ,

8P = P1 +r3100

⇒  8 =1 +r3⇒ 23 =1 +r3100100

⇒  2 = 1 +r100

⇒ r= 1 ⇒ r = 100%100

We can find required answer with the help of given formula :

Here, n = 8, t = 3 years.

R% = (n1/t − 1) × 100%

R% = [(8)1/3 − 1] × 100%

R% = [(23)1/3 − 1] × 100%

∴ R% = 100%

Step-by-step explanation:

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Answer 2

Answer:

the above answer is correct