Question

find the rate at which a sum of money will become 4 times the original amount in 2 years if the interest is compounded half yearly​

Answer 1

Rate = 82.8%  per annum  or 41.4 % per 6 months

Step-by-step explanation:

Amount = P

becomes 4 times = 4P

Rate of interest = 2R  % per annum

= R % half yearly

T = 2 Years  = 4 Six months

4P = P ( 1 + R/100)⁴

=> 4 = (1 + R/100)⁴

=> 2 = (1 + R/100)²

1 + R/100 = 1.414

=> R/100 = 0.414

=> R = 41.4 %

2R = 82.8%

Rate = 82.8%  per annum  or 41.4 % per 6 months

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Answer 2

Answer:

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