At what compound interest rate would an amount increase by 96% in two years?
divergent07:
compare
196/100 p= p{1 +r/100}^2
1.96= 1 +r^2/10000 + r/50
solve this
40 i found
40 +40 +16 =96
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Answer:
Step-by-step explanation:
let x be the rate
let A be the initial amount
take A =100
after one year A = 100 + x
after second year A = 100 +x +x + x^2/100 = 196
2x +x^2/100 =96
200x +x^2 =9600
x^2 +200x -9600 = 0
[x+240] [x-40 ]=0
x = 40
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