Question

if a money triple it self in 5 years @ 8% per annum compounded annually find money.​

Answer 1

Answer:

$25\%$

is the correct answer

Answer 2

Answer

Given that, sum of money become after 8 years it triples Let the sum of money be x

Time is 8 years

After 8 years it triples . So it becomes 3x.

So the simple interest is 3x−x=2x

Let, the rate of interest be y.

So ,

100

x×y×8

=2x

Or,y=

8

200

=25%

Hence, this is the answer.