Question

Sh. 6000 has invested in a commercial bank at the beginning of a certain year. If this amounted to Sh. 24,000 after 4 years. calculate the rate of compound invested for this investment.

anyone know?

Answer 1

Answer:

41.42%

Step-by-step explanation:

Investment- 6000

Amount in 4 years- 24000

Interest rate- x

• 24000=(1+x)⁴6000
• 4=(1+x)⁴
• 1+x=√2
• x=√2-1≈0.4142=41.42%

≈41.42% per year compounded yearly