Question

A sum of money becomes seven upon four of its self in six years at a certain rate of interest find the rate of interest

Answer 1

Answer:

Hi! Here is the answer to your question. Let the sum of money be Rs P and the rate of interest be r % p.a. Amount at the end of 8 years = Rs 3P Formula for amount= P(1+(r/100))^n where n=time,p=principal and r=rate 3P=P(1+(r/100))^8 3=(1+(r/100)^8        .............1 Let the money becomes 27 times in n years  27P=P(1+(r/100))^n 27=1+(r/100))^n (3)^3=1+(r/100)^n (1+(r/100))^8)^3=1+(r/100))^n        from 1 1+(r/100))^24=1+(r/100)^n Comparing bases we get n=24 year