find the rate of interest at which a sum of money will be 6times itself in 3 years , if the interest is compounded annually
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Answered by
4
Answer:
81% approx
Step-by-step explanation:
amount = p(1+r/100)^t
let p = x then amount = 6x
so 6x = x (1 + r/100)^3
6x/x = (1 + r/100)^3
6 = (1 + r/100) ^3
(1.8171) ^3 = (1 + r/100)^3
1.8171 = 1 + r/100
1.8171 - 1 = r/100
0.8171 * 100 = r
r = 81% approx.
Answered by
0
Answer:
100
Step-by-step explanation:
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