Question

at what rate per compound. interest does a sum of money become nine fold in 2 years​

Answer 1

Answer:

200%

Step-by-step explanation

Amount = P(1+r/100)ⁿ

P = principle

r = rates

n= time period in years

As given

sum of money become nine fold in 2 years

let initial principle = 100

after 2 years

compound interest = 900

Put the values in the equation

900= 100(1+r/100)²

9=(1+r/100)²

3²=(1+r/100)²

3=1+r/100

3=100+r/100

300=100+r

r=200%

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