determine the rate of interest at which a sum of money will become 216 upon 125 times on additional amount in 1 whole 1 upon 2 years if the interest is compounded half yearly
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Given: amount at the end of 3 years must become to 216P/125
A= 216P/125
A= P(1+R/00)^n
216P/125= P ( 1+ R/200)³
216/125 = ( 1+ R/200)³
(6/5)³ = ( 1+ R/200)³
(6/5) = ( 1+ R/200)
6/5-1 = R/200
(6-5)/5 = R/200
1/5 = R/200
R= 200/5 = 40%
Hence, the rate of interest (R)= 40%
Hope this will help you
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