Question

Find the rate at which sums of money will double itself in 2 years if the

interest is compounded annually?​

Answer 1

Answer:

Here is your answer

Step-by-step explanation:

Answer:

41.4214% ( approx )

Step-by-step explanation:

Let the amount of money = x

Time = 2 years,

Let r be the annual rate of interest,

Thus, the amount of money after 2 years,

A=x(1+r)^2A=x(1+r)

2

According to the question,

x(1+r)^2=2xx(1+r)

2

=2x

(1+r)^2=2(1+r)

2

=2

(1+r)=\sqrt{2}\implies r = \sqrt{2}-1=1.41421356237-1=0.41421356237\approx 0.414214=41.4214\%(1+r)=

2

⟹r=

2

−1=1.41421356237−1=0.41421356237≈0.414214=41.4214%

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Answer 2

Answer:

hii

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