Find rate at which a sum of money will double itself in 2 years if the interest is compounded anually.
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Answer:
Step-by-step explanation:
According to question
P=Rs x then A=Rs 2x, time=2 yrs
A=P{1+R/100]^2
2x=x{1+R/100}^2
2={1+R/100}^2
{1+R/100}=under root 2
R/100=1.414 - 2
R=1.414 X 100
R=41.4%
Hope it helps you
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