Question

find the rate at which a sum of money will double itself in three years, if interest is compounded annually.​

Answer 1

Answer:

answer is 33 1/3 i think

Answer 2

Answer:

Step-by-step explanation:

Let Principal be p.

Given that Sum of money will double itself.

Given Time n = 3 years.

Given Amount = 2P.

We know that A = P(1 + r/100)^n

                       2P = P(1 + r/100)^3

                      2 = (1 + r/100)^3

                      1 + r/100 = 1.259

                     r/100 = 1.259 - 1

                     r/100 = 0.259

                     r = 100 * 0.259

                     r = 25.9.

Therefore the rate of interest is 25.9% (or) 26% per annum.

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