Question

find the rate at which a sum of money will triple itself in 2 years if the interest is compounded annually.

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Answer 1

Answer:

We have,

Let p=x,

A=3x.

T=10 years,

SI=A−P

=3x−x

=2x

r = SI ×100

P×T

r = 2x × 100

x × 10

R=20%

Hence, this is answer.

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