Question

find the rate at which a sum of money will double itself in 3 years if the interest is compounded annually​

Answer 1

A = P[1+r/100]n = 2P

Now , [1 + r/100]3 = 2

so 1+r/100 = 21/3 = 1.26 ,

r = 26%

Answer 2

Let principal = P

Amount = 2P

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

2= (1+R/100)^3

2^(1/3) = 1+R/100

1.2599 = 1+R/100

1.2599-1 = R/100

0.2599×100 = R

R = 25.99 ~ 26%

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