Question

A sum of money becomes eight times of itself in 3
years at compound interest. The rate of interest
per annum is :​

Answer 1

Answer:

rate=100%

Step-by-step explanation:

A=P(1+r/100)^n

and A/P=8=(1+r/100)^3

so 1+r/100=2 (taken cube root of both sides.)

so r/100=2-1=1

or r=100%