Question

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

Answer 1

Let the principal be Rs.100.
Therefore, amount = RS. 300
S.I.. = RS. 200
Rate = (S. I *100)/(principal *time)
= 100%

Answer 2

Answer:

Step-by-step explanation:

To find rate of interest when compounding period is annually, we will use the formula :

$r=(\frac{A}{P})^{\frac{1}{t}}-1$

where r = rate of interest

          A = Amount after maturity

          P = Principal amount

          t = time in years

Let the principal amount = 100

Amount after maturity (triple) = 300

Time in years (given) = 2 years

Now put the values

$r=(\frac{300}{100})^{\frac{1}{2}}-1$

$r=(3)^{\frac{1}{2}}-1$

r = 1.73205080 - 1

r = 0.73205080

R = 0.73205080 × 100

R = 73.20508 ≈ 73.21%

The rate of interest would be 73.21%

Learn more:

Compound interest formula : https://brainly.in/question/13542684

https://brainly.in/question/13542684