At what rate percentage compound interest does a sum of money become 9/4 times it self in 2 year
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Answer:
Let P be the sum.
Amount (A)=8P
t=3 years
Rate of interet (R)=?
As we know that,
A=P(1+
100
R
)
3
8P=P(1+
100
R
)
3
(8)
1/3
=1+
100
R
⇒
100
R
=2−1
⇒R=100%
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