Question

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

Answer 1

Answer:

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%