Find the rate at which a sum doubles itself in 3 years if interest is compounded anually.
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24% p.a.
A sum doubles itself in 3 years at 24% p.a. (approx.) Use rule of 72. Divide 72 by rate of interest to know years to double the amount and divide 72 by number of years to know rate of interest. A sum of money becomes 5 times of itself in 25 years at simple interest.
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