A sum of money becomes thrice of itself in 5 years at certain rate of interest. Find the rate of interest
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Answer:
1+ R/100]n [When money is compounded annually]
= P [1+ R/(2*100)]2n [When money is compounded half-yearly]
= P [1+ R/(12*100)]12n [When money is compounded monthly]
Also, A = CI + P
Where,
P= Principal
R= Rate of Interest
n=Time (in years)
A= Amount
CI= Compound Interest
Note: The above formula: A = CI + P will give us total amount. To get the Compound Interest only, we need to subtract the Principal from the Amount.
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